Bitcoin News Today: Bitcoin Eyes $122,000 Breakout on Rising Volume and Accumulation

Bitcoin is demonstrating technical indicators that suggest a potential breakout above $122,000. The cryptocurrency has formed a series of higher lows near $114,000, accompanied by a rise in trading volume and increased wallet accumulation. These developments indicate a possible resumption of bullish momentum and a move toward a new all-time high [1].

Currently, Bitcoin is trading within a range of $112,000 to $120,000, and has recorded a 6.37% increase in the past 30 days, reaching $114,714.47. Analyst Javon Marks highlights that the price action mirrors previous bullish setups, where breakout patterns have historically led to significant price gains [2]. According to Marks, Bitcoin has recently broken out of a descending trendline and is forming higher lows near key resistance levels, suggesting the market is positioning for another major upward move [3].

CryptoRover, a noted market analyst, forecasts that if Bitcoin manages to break above $122,000, the price could be propelled toward $140,000. This prediction is supported by Bitcoin’s firm hold above the critical $110,000 support zone, which has historically acted as a trigger for sharp price surges [4]. Additionally, Zyn, another market observer, has drawn parallels between Bitcoin’s current three-week sideways movement and Ethereum’s five-week consolidation earlier this year, which led to a strong breakout. Zyn anticipates a potential capitulation dip to the $110,000–$112,000 range before a new all-time high is reached [5].

Bitcoin’s daily trading volume has increased by 18.45%, reaching $84.33 billion, while its market capitalization remains robust at $2.28 trillion. Despite a 3.17% pullback in the last 24 hours, the volume-to-market cap ratio stands at 3.69%, signaling continued trading interest and liquidity [6]. On-chain data reveals increased accumulation by large holders, with over 100 million active Bitcoin wallets reported. Analysts stress the importance of a daily close above $122,000 as a confirmation of the next bullish phase [7].

The key support level for Bitcoin is currently at $110,000, with resistance near $122,000. Maintaining a position above the support level and breaking through the resistance are essential for continued upward momentum. Analysts view $140,000 as a realistic price target if Bitcoin achieves a breakout above $122,000 with sustained volume and wallet accumulation, signaling strong bullish momentum [8].

Collectively, Bitcoin’s technical setup, rising volume, and increasing wallet accumulation point to a potential breakout above $122,000. This could initiate a new bullish phase with price targets extending toward $140,000. Investors are advised to closely monitor key price levels and remain informed through expert analysis for timely updates [9].

Source:

[1] [Bitcoin Shows Signs of Potential Breakout Above $122K Amid Rising Volume and Wallet Accumulation](https://en.coinotag.com/bitcoin-shows-signs-of-potential-breakout-above-122k-amid-rising-volume-and-wallet-accumulation/)