Traders eye potential continuation as BTC smashes key resistance zone
Bitcoin (BTC) has surged past the $124,300 level, marking a decisive breakout that signals renewed bullish momentum in the crypto market. The move follows weeks of consolidation between support at $107,000 and resistance near $122,000, suggesting a technical shift that could open the door to higher price targets.
The daily chart shows BTC breaking out from a descending channel, a pattern often associated with trend reversals. After testing the green support region around $108,000 multiple times, the price rallied sharply, closing above previous highs and entering a fresh bullish phase.
“This breakout confirms a significant change in market structure,” said one of BITX market analyst. “If Bitcoin can hold above $124,000, the next logical target sits around $128,000 to $130,000, which aligns with prior liquidity zones.”
Volume analysis also supports the breakout. Trading activity increased notably as BTC pierced through the upper trendline, indicating strong buying interest rather than a mere short squeeze. Analysts view this as a confirmation of sustained demand, not just speculative momentum.
The chart further highlights multiple demand zones below current levels, including the $107,000 and $99,000 regions. These levels could act as buffers if short-term profit-taking occurs. A daily close below $122,000, however, would invalidate the immediate bullish structure.
For long-term observers, the ongoing price action suggests Bitcoin may be preparing for a new macro leg upward, provided it sustains above the breakout level.
The breakout above $124,300 is more than just a number—it represents renewed market confidence and the possibility of a broader recovery cycle.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.