$BTC

Bitcoin is in a strong uptrend. The bulls pushed the price to a new all-time high above $104,088 on Dec. 15.

The BTC/USDT pair reached the resistance line of the ascending channel pattern, where the bears are expected to mount a strong defense. However, if the buyers overcome the resistance, the pair could rally to $113,331 and then to $125,000.

Instead, if the price turns down from the resistance line and breaks below the 20-day EMA ($98,920), it will suggest selling on rallies. The pair could then slide to the support line of the channel. The sellers will have to pull the price below the support line to stage a recovery in the near term.