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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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At the beginning of this week, the cryptocurrency market experienced a significant warming of sentiment. The price of Bitcoin broke through the key level of $122,000, propelled by strong buying pressure, catching bearish traders off guard with this fierce upward momentum.
The current market situation shows that after Bitcoin broke through its previous high, there has not been a significant pullback, and the bullish momentum continues. In this strong trend, going with the flow may be a wise choice. Investors should closely monitor the market's pullback situation in the afternoon and consider increasing their long positions only after confirmation.
From a technical analysis perspective, we can consider $121,000 as the first important support level. If the price stabilizes at this level, we can consider opening a long position, targeting the previous high near $123,000. If this level is broken, the next target price could rise to $124,000.
Another support level worth noting is $120,000. If the price can hold this key position, an optimistic outlook can still be maintained. However, if it falls below this level, the market may experience a short-term correction.
Overall, the current Bitcoin market is showing strong upward momentum. However, investors should remain cautious, closely monitor market changes, and manage risks appropriately. In this highly volatile market, timely adjustments to strategies and maintaining flexibility are crucial.