Bitcoin price (BTCUSD) surged in its latest intraday trades, successfully breaking through the key resistance level of $117,800, which represented our previous target. This performance came amid the dominance of a powerful short-term bullish wave, supported by continued positive momentum as the price holds above its 50-period simple moving average, reinforcing the strength of the current uptrend.
Although the Relative Strength Index has signed overbought conditions, the price managed to absorb this pressure without showing significant weakness, highlighting the strength of prevailing bullish momentum and increasing the likelihood of testing new resistance levels in the upcoming period.
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