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Bitcoin Price Forecast: BTC could head toward $120K if it closes above key resistance
Bitcoin price continued its second consecutive week of recovery, increasing by 3.72% last week. However, it found resistance around the $116,000 daily level on Saturday and declined slightly the next day. At the time of writing on Monday, it continues to face rejection from the daily resistance at $116,000.
If BTC closes above the daily resistance level at $116,000 on a daily basis, it could extend the rally toward its psychological level at $120,000.
The Relative Strength Index (RSI) on the daily chart reads 54, indicating bullish momentum but pointing downwards to its neutral level of 50. The Moving Average Convergence (MACD) indicator on the same chart displayed a bullish crossover on September 6, which remains in effect, indicating sustained bullish momentum and an upward trend ahead.
On the contrary, if BTC fails to close above the $116,000 resistance level and continues to correct, it could extend the decline toward its 50-day Exponential Moving Average (EMA) at $113,397.
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