Bitcoin Stalls At $120,000 As It Resumes Its Ascent

The largest cryptocurrency revisited its previous peak of $124,000 but was rejected at the recent high. BTC price analysis by Coinidol.com.

Bitcoin price long-term prediction: bullish

Bitcoin (BTC) surged to a high of $126,272 on October 6 but failed to sustain the upward trend.

Today, the Bitcoin price retraced and remains above the $120,000 resistance level. On the downside, if the bears break through the current support at $120,000, Bitcoin could fall to the 21-day SMA support or the $116,000 low. Conversely, if the $120,000 support holds, Bitcoin will rise again.

A break above the $124,000 barrier will propel Bitcoin to a high of $135,000. The bullish momentum is expected to continue up to $141,000. Currently, Bitcoin is trading at $121,457.

BTC price indicator analysis

BTC price has risen above the horizontal moving average lines. The 21-day SMA is above the 50-day SMA, indicating a bullish trend. On the 4-hour chart, the price of Bitcoin has slipped between the 21-day and 50-day SMAs, suggesting that Bitcoin will be confined to a range for a few days.

BTC/USD daily chart - October 7, 2025

What is the next move for Bitcoin?

Bitcoin's price remains bullish as it holds above the $120,000 support. On the 4-hour chart, Bitcoin's price has slipped between the moving average lines. In other words, Bitcoin prices are ranging from $120,000 to $124,000. Bitcoin will trend once these range-bound levels are breached. Meanwhile, Bitcoin remains above the $120,000 support.

BTC/USD 4-hours chart - October 7, 2025

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.