#Bitcoin Whale Moves#

Chart of the Day: Bitcoin Holds Steady Before Another Breakout
Bitcoin's price shows signs of stability at $117,000, with optimists targeting to reach and stabilize above $120,000. The attempt to recover on Wednesday failed to break the $120,000 barrier, leading to a short correction to its daily low of $117,017.

Despite the calm that the price of Bitcoin has experienced over the past 24 hours, it appears to be bullish technically, supported by a buy signal backed by the Moving Average Convergence Divergence (MACD) indicator since June 26.

The crossing of the blue MACD line above the red signal line indicated a buy signal for traders to consider purchasing Bitcoin. If the signal holds with the expansion of the green histogram above the zero line, the lower resistance path may remain bullish, increasing the likelihood of Bitcoin reaching its all-time high of $123,218.

Nonetheless, traders should temper their bullish expectations considering that the Relative Strength Index (RSI) is approaching the overbought territory at 69. Profit-taking and volatility due to macroeconomic uncertainty could lead to a reversal towards the 50-day Exponential Moving Average (EMA), which currently stands at $108,990.