Bitcoin Surges to $119K in 'Uptober', Eyes $124K-$126K
Bitcoin has surged recently, reaching a high of $119,453 and trading above a key support level. This rally coincides with the start of 'Uptober', historically a strong month for the cryptocurrency.
The immediate resistance for Bitcoin sits near $119,000, with a stronger barrier at $119,500. A short-term bullish trend line is providing support near $117,000. If Bitcoin fails to hold above this level, support lies near $116,150, followed by $115,500. Despite these potential barriers, Bitcoin is trading within a falling wedge, bouncing from support, and a breakout above $120,000 could sustain bullish momentum toward $124,000-$126,000.
Bitcoin has already broken through the $118,000 resistance level and is currently trading in the $114,000-$116,000 range. The BTC market cap sits above $2.32 trillion, with 24-hour trading volumes around $61 billion. Technical indicators, such as the hourly MACD and RSI, are supporting the bullish outlook.
Bitcoin's recent rally, coupled with its strong historical performance in October, suggests a positive outlook. However, traders should remain vigilant for potential resistance levels and support the cryptocurrency's bullish momentum.
