Bitcoin Nears Record High

(MENAFN- DailyFX (IG)) ​​​Bitcoin nears record high Bitcoin bullish scenario:

Bitcoin is seen heading back up towards its 161.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, at $122,056.92.

Above it beckons Monday's record high at $123,181.77. If overcome, the next higher 161.8% Fibonacci extension at $143,519.00 might be in focus.

Minor support below the 11 July high at $118,839.29 can be spotted at the 15 July low at $115,739.64. Further down lies the May peak at $111,965.80 which may also offer support.

Bitcoin bearish scenario:

In case of a bearish reversal and fall through Thursday's $117,500.50 being witnessed, the 15 July low at $115,739.64 would be back in sight. Failure there may lead to the May peak at $111,965.80 being revisited. Together with the early June high at $110,617.03 and the early July high at $110,598.55 it offers a solid potential support area. ​​

Bitcoin/USD chart Source: TradingView Source: TradingView Important to know

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