Bitcoin – Potential Move to $125,000
Driven by positive regulatory developments in the United States – including signals pointing towards the imminent approval of additional Bitcoin ETFs – Bitcoin kicked off the week with strong momentum. On Monday morning, the cryptocurrency surged sharply, reaching a weekly high of around $122,300, just about $1,000 below its all-time high.
Following this impulsive move, some profit-taking set in, and Bitcoin retested its weekly opening price near $118,000. It is currently trading around $119,000.
From a technical perspective, the overall picture remains clearly bullish. Buying opportunities could emerge near the weekly lows or around $120,500. However, the upside scenario with a target of $125,000 would only gain traction after a confirmed breakout above the current high, followed by a successful retest.
Should the price drop back below $118,000, short-term caution would be warranted, as a potential gap-close below that level could open the door to further downside.
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