Bitcoin News Today: Bitcoin Hovers Near $120,000 as Institutional Buying and Altcoin Strength Signal Potential Breakout

Bitcoin trades in a tight consolidation range just below the $120,000 resistance level, signaling strong bullish momentum and the potential for a breakout. The cryptocurrency has been fluctuating within a $5,000 band between $115,000 and $120,000, with technical indicators like the upsloping 20-day simple moving average and positive RSI suggesting the possibility of new all-time highs above $123,218. Analysts predict that if the upward trend continues, Bitcoin could surge toward $135,000. Conversely, a drop below $115,000 may trigger a correction to $110,530 or even $100,000 in the absence of strong support [1].

Simultaneously, altcoins such as Ether (ETH) and Binance Coin (BNB) are showing notable strength, indicating a shift in speculative interest within the broader crypto market. Ether, in particular, has seen a surge in perpetual futures volume that now surpasses Bitcoin’s, marking a record-level skew. This suggests increased speculative positioning among traders, potentially driving altcoin rallies independent of Bitcoin’s performance. Ether is currently trading above $3,745, with key resistance at $4,094 and a projected target of $4,868 if buyers maintain control. BNB is testing critical support at $794 and could retest its all-time high of $861 if bulls regain strength [2].

Institutional confidence remains robust, as demonstrated by a major strategy firm’s recent acquisition of 21,021 BTC at an average price of $117,256. This purchase brings the firm’s total holdings to 628,791 BTC, underlining continued institutional backing for Bitcoin’s long-term trajectory [3]. Such large-scale buying is often seen as a sign of stable market fundamentals and growing adoption across traditional financial channels.

The Federal Reserve’s upcoming decisions and FOMC minutes are also expected to play a pivotal role in shaping short-term crypto market volatility. Historically, central bank policies and interest rate announcements have directly influenced liquidity and risk appetite, which in turn affect price movements for both Bitcoin and altcoins. Traders and investors are closely monitoring these events to anticipate potential market swings [4].

Key price levels remain in focus for major altcoins. For example, XRP faces resistance at $3.16, with support at $2.95 critical to avoid deeper corrections. Solana (SOL) is testing its 20-day SMA at $178, and a rebound could see the asset climb toward $240. Dogecoin (DOGE) has slipped below its 20-day SMA at $0.22, raising concerns over a potential decline to $0.19 if support at $0.21 fails. Cardano (ADA) is also facing a similar correction risk, with bears targeting support levels below $0.73 [5].

In summary, the market is poised at a critical juncture. Bitcoin’s near $120,000 resistance level, combined with growing altcoin momentum and strong institutional buying, suggests a potential for a major breakout. However, traders are advised to remain vigilant as key support and resistance levels could trigger sharp corrections if bulls fail to maintain control. Federal Reserve policy and macroeconomic conditions will also play a crucial role in shaping the next phase of the market.

Source:

[1] [Bitcoin Consolidation Near $120,000 Suggests Potential Breakout Amid Market Uncertainty](https://en.coinotag.com/bitcoin-consolidation-near-120000-suggests-potential-breakout-amid-market-uncertainty/)