Analysts identify three hurdles for Bitcoin's path to $120K

As Bitcoin moves toward $120,000, three key factors could impede its progress, according to a CoinDesk report citing industry experts. The first is a significant resistance level at $124,000. BTC has historically shown a pattern of weakening buying pressure above $115,000 and, on two previous monthly candles, was pushed back below this level after briefly surpassing $124,000. Second, the market may have already priced in anticipated interest rate cuts from the U.S. Federal Reserve. This is suggested by the U.S. Dollar Index (DXY) trading within the 97-98 range. Finally, a limited potential for further declines in the 10-year U.S. Treasury yield could weaken capital inflows into risk assets such as Bitcoin.