Kraken Data Shows Bitcoin Bulls Eyeing $120K Breakthrough as Momentum Builds

Bitcoin's price action is setting the stage for another potential surge as it approaches the critical $120,000 resistance level. According to Kraken's hourly BTC/USD chart, the cryptocurrency has already surpassed the $118,000 barrier, trading steadily above $118,500 and the 100-hour Simple Moving Average. This breakthrough confirms a bullish trend reversal, with market watchers closely monitoring whether the bulls can sustain the momentum to breach the next key hurdle at $120,000. The current market dynamics suggest growing optimism among investors, as Bitcoin continues to demonstrate strength in its upward trajectory.

Bitcoin Price Sets Up for Another Move—Can the Bulls Seal the Deal?

Bitcoin's price action suggests another upward push as it eyes a breakthrough above the $120,000 resistance level. The cryptocurrency has already cleared the $118,000 barrier, trading firmly above $118,500 and the 100-hour Simple Moving Average.

A bullish trend reversal was confirmed with a break above the $118,000 resistance line on the BTC/USD hourly chart, sourced from Kraken. The next critical hurdle lies at $120,000—a decisive close above this level could ignite further gains.

After a brief dip to $116,260, Bitcoin regained momentum, testing $120,237 before consolidating near the 23.6% Fibonacci retracement level. Market participants now watch for a sustained move toward $121,000, which would signal renewed bullish conviction.