Highlights:
Bitcoin is set on a trajectory to reclaim $120,000 as bullish momentum persists with Wall Street opening.
Traders are enthusiastic about price discovery, viewing it as increasingly feasible.
The RSI indicator rises alongside the price without triggering a significant support retest.
Bitcoin (BTC) approached the $120,000 mark at Thursday’s Wall Street opening as bearish BTC trends yielded to potential all-time highs “next.”
Bitcoin Traders Gear Up for Price Discovery
Data from Cointelegraph Markets Pro and TradingView indicates that BTC/USD climbed another 1% for the day.
With no significant pullbacks through the night, the pair established support, inching closer to price discovery after more than six weeks.
In response, well-known trader and analyst Rekt Capital noted that even a consolidation phase might only retest $117,000.
“Bitcoin has Daily Closed above $117.3k (blue),” he mentioned alongside a clarifying chart on X.
“Any dips into blue, if deemed necessary, would be a post-breakout retest to completely confirm re-entry into the blue-black range of $117.3k-$120k.”
Trader Jelle echoed the sentiment, eager for a new upward move from fresh support.
“So far, Bitcoin is progressing exactly as anticipated,” he informed his followers on X, updating his strategy with $118,000 identified as a pivotal breakthrough level.
“If $118k holds here, new all-time highs will follow. Uptober is upon us.”
Peer trader BitBull suggested that the recent six weeks of corrective price action has now concluded.
“$BTC has achieved a higher high on the daily chart. This signifies that the downtrend is finished,” he commented.
“Now, all I desire is a daily close above $118K and a new ATH will emerge quickly.”
BTC Price All-Time High “Only Missing Element”
Earlier, Cointelegraph covered early indications from the relative strength index (RSI), which had entered “overbought” territory on shorter timeframes.
Related: Bitcoin’s forthcoming ‘explosive’ move targets $145K BTC price: Analysis
On the four-hour chart, the RSI reached a slightly higher high of 82.3, indicating its most “overbought” state since mid-July.
Discussing RSI, Caleb Franzen, founder of financial research resource Cubic Analytics, posited that new all-time highs remain likely due to prior bullish divergences.
“Considering all the bullish RSI divergences on 1, 2, and 4-hour timeframes, I believe this will transpire sooner rather than later,” part of a post on X read.
Franzen also noted that BTC/USD had crossed its anchored volume-weighted average price (AVWAP)—a measure of average price weighted by volume over a designated time frame.
He concluded that price discovery is now the “only missing element” in the bullish landscape.
This article does not contain investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own due diligence.
