Bitcoin rises above $119k after latest gains

WEB DESK: Bitcoin extended its upward momentum on Tuesday, holding above the $118,000 mark after closing Monday at $118,717.66. By 02:39 UTC, BTC had gained $490.64 to reach $119,208.30, and by 04:44 UTC, it remained up 0.31 percent, trading $365.34 higher.

The broader cryptocurrency market showed mixed movement. Ether inched up 0.1 percent to $4,314.71, Dogecoin rose 1.67 percent to $0.2262, and Cardano gained 1.83 percent to $0.7876. Litecoin, however, slipped 0.22 percent to $119.90.

Resistance ahead at $120,500

Bitcoin recently pulled back from its $122,250 peak and is now consolidating gains. The price is trading above both the $118,000 level and the 100-hourly simple moving average, a sign of continued underlying strength.

Earlier, BTC rebounded from support near $115,500, breaking through resistance levels at $117,500 and $118,800. It briefly cleared the $120,500 hurdle before hitting a high of $122,273, but then lost some ground.

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The decline took it below the 50 percent Fibonacci retracement of the rally from $116,282 to $122,273, as well as under a key bullish trend line with support at $119,500.

Immediate resistance is now at $119,250, with the main barrier still at $120,500. A decisive break above this level could set the stage for a push toward $121,250, and if momentum continues, $123,200 or even $125,000.

Downside risks remain

If Bitcoin fails to break $120,500, it could retreat toward $118,200, with further support at $117,800 and $116,550. A drop below $115,500 may bring $113,500 into play, which could lead to deeper losses.

Technical indicators point to slowing momentum. The hourly MACD is losing steam in the bullish zone, and the RSI for BTC/USD has slipped below 50, signalling caution among traders.

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