Bitcoin price analysis (Bullish) — 121957.33 USDT (+0.14% 24h)

Bitcoin is currently trading at $121,957, showing modest 24-hour gains of 0.14% amid elevated volatility of 1.75%. The technical picture reveals interesting dynamics – BTC sits just below both its 20-day ($122,679) and 50-day ($122,571) SMAs, suggesting potential resistance overhead. However, the RSI reading of 25 indicates severely oversold conditions, typically preceding bullish reversals. The substantial $1.96 billion daily volume confirms active institutional participation at these levels. Traders should watch for a decisive break above the SMA confluence for confirmation of renewed upward momentum. Current positioning favors accumulation on dips, with tight stops below $120,000. The oversold RSI combined with strong volume support suggests the downside appears limited from here. Expect increased volatility as markets test these critical technical levels, but the risk-reward favors long positions for swing traders targeting a retest of $125,000 resistance.