Bitcoin breaks through the key zone of $115,500, is a surge to $120,000 imminent?| BTC price prediction

Bitcoin has successfully held above the support level of 115,500 USD and is now entering a consolidation phase, gearing up to attack the significant barrier of 120,000 USD. Technical indicators show that the BTC/USD hourly chart is forming a key bullish trend line (support level at 115,600 USD). If it can break through the strong resistance at 117,500 USD, it is expected to challenge 118,250 and 119,200 USD, with the final target aimed at 121,500 USD. If the attack fails, caution is needed for a pullback to the Fibonacci support level at 114,550 USD. Current on-chain data shows Whale addresses increasing their holdings, but the hourly MACD momentum has slightly weakened. Attention should be paid to institutional buy order flow and leverage liquidation heat maps for a breakthrough.

Bitcoin poised for a rise: holding above 115500 USD, aiming for the 120000 level Bitcoin price has strongly rebounded from the support level of 112200 USD, continuously breaking through the resistance levels of 113500 and 114800 USD, and successfully reclaiming the 115500 USD key psychological level and entering the positive zone. After reaching a high of 117643 USD, it is currently consolidating below the 117500 resistance, with the price maintaining above the 23.6% Fibonacci retracement level of the recent rise (112629 to 117643 USD). Currently, Bitcoin is trading above 115000 USD and the 100-hour simple moving average, with a bullish technical structure.

Key trend line support formed, breaking 117500 will open up upward space

(Source: TradingView) A key bullish trend line has formed on the BTC/USD hourly chart, with the dynamic support level at 115,600 USD. Immediate resistance is around 117,200 USD, while the primary strong resistance is in the 117,500 USD range. If it can strongly break through this position, the next resistance level will look at 118,250 USD. After effectively breaking through 118,250 USD, the price is expected to test the 119,200 USD resistance, and the final bullish target will point to levels of 120,000 USD and even 121,500 USD. This round of upward movement needs to be confirmed with spot ETF fund inflows and futures open interest increment.

Downside risk: follow the 115600 trend line and Fibonacci support If Bitcoin fails to effectively break through the resistance zone of 117,500 USD, it may trigger a pullback. Immediate support is at 116,450 USD, with the primary key support at the trendline position of 115,600 USD. The next important support area looks at 114,550 USD (corresponding to the 61.8% Fibonacci retracement level of the rise from 112,629 to 117,643). If this position is lost, it may temporarily test the support at 113,800 USD. On-chain strong support is at 112,500 USD; if it falls below, it may open up for a deeper pullback.

Technical Indicator Signals:

• Hourly MACD: Although it is in the bullish zone, the momentum bars show signs of diminishing volume, and upward momentum is slightly slowing.
• Hourly RSI: Currently above the 50 level, still maintaining a neutral to bullish pattern.
• Key support level: 115600 USD > 114550 USD
• Key resistance level: 117500 USD > 118250 USD

【Conclusion】 Bitcoin currently stands at a critical crossroads: the $115,600 trend line support and the $117,500 resistance form a triangular convergence pattern. A breakout above $117,500 will confirm a new round of upward trend, attracting high leverage long positions to enter, targeting the psychological barrier of $120,000; conversely, if it loses the trend line support, it may trigger short-term profit-taking pressure, with a pullback to $114,550 for a deep test of support. Tonight, key attention should be paid to US inflation expectation data and miners' position changes, as a breakout may require macro liquidity signals to support it. Traders are advised to closely monitor the long and short battle in the $117,500 area, and strict stop-loss settings are required for breakout long positions.