BTCUSDT is still trading inside its ascending channel on the daily chart, pressing against the $123,230 Fibonacci 1.0 extension: the same level that capped the July 14 rally. This zone remains the immediate breakout target, with $130,200 as the next upside marker if bulls clear it with strong volume.Key supports to watch are $120,806 (Fib 0.786) and $118,903 (Fib 0.618). Holding above these levels keeps the
BTCUSDT bullish structure intact; a close below could stall momentum.The RSI sits near 66, well below July’s overbought 75+, suggesting there’s still room for upside before technical exhaustion kicks in. Supporting metrics like SOPR at 1.00 (versus overheated 1.03–1.05 in July) and Taker Buy/Sell Ratio at 1.14 confirm that profit-taking is limited and spot buying remains strong.
Overall, if $123,200 gives way, Bitcoin could see a faster, stronger push to new all-time highs than its last attempt. And for
BTCUSDT, $123,200 would first mean that a new all-time high is in. 
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Truly Unbiased Cryptocurrency News beincrypto.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.