Bitcoin (CRYPTO: BTC) climbed back above $122,000 on Wedneday, reigniting debate over whether the largest cryptocurrency can sustain momentum or risks following Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) into failed breakout territory.
Bitcoin Price Hits Critical Resistance Zone
BTC Technical Analysis (Source: TradingView)
The daily chart shows Bitcoin breaking out of a two-week consolidation, pushing into the $122,000–$124,000 resistance band.
This region aligns with the upper boundary of the summer trading range and a descending trendline that has capped rallies since July.
The Supertrend indicator remains bullish above $116,000, while the RSI at 63 shows underlying strength without signaling exhaustion.
On-chain data from Coinglass recorded …