Bitcoin News Today: Bitcoin Nears $121,000 Resistance Level, Eyes 12% Gain to $132,000

Bitcoin is currently trading at $119,432, just below the key resistance level of $121,000. Market analysts and traders are closely monitoring this level, as a confirmed daily close above it could pave the way for Bitcoin to rally toward $132,000 in the near term. According to analyst Ali Martinez, Bitcoin may target $132,000 if it manages a daily close above $121,000. Martinez noted that this level has acted as a range high, and a confirmed breakout could lead to further gains. Since April 2025, Bitcoin has posted a series of higher highs and higher lows, suggesting a strong uptrend. The asset broke through resistance levels at $92,000, $100,000, and $112,000, eventually reaching a high of nearly $122,000 in July before slightly retracing. Technical indicators such as the Relative Strength Index (RSI) remain healthy, while the price continues to hold above its 50-day and 100-day moving averages.

Unrealized profits of short-term holders remain low at 15%, far from the historical 35% level that usually leads to mass profit-taking. This indicates more room for growth, potentially between 20% and 25%, before the market sees major selling. Technical chart patterns are supporting a bullish outlook. According to trader JasonWaveFx, Bitcoin has completed a cup-and-handle and a bull flag pattern. These are both continuation signals, and their measured moves point to a price target as high as $144,500. Institutional demand is also helping to sustain the rally. Over $15 billion has flowed into U.S. spot Bitcoin ETFs recent months, shifting market control from retail traders to institutional investors. Blockchain tracking platforms have also reported large Bitcoin purchases by whales and funds. According to veteran trader Peter Brandt, Bitcoin could reach between $125,000 and $150,000 by August or September 2025 if current momentum continues.

Bitcoin's price has been on a notable upward trajectory, with analysts predicting significant gains if it can decisively break through key resistance levels. The cryptocurrency has shown bullish momentum, particularly as it approaches the $121,000 mark. If Bitcoin manages to close above this resistance level, it could ignite a strong continuation toward an upper price target of $132,000. This potential rally is driven by several factors, including institutional capital inflows and regulatory support, which have reshaped the crypto landscape. The recent surge in Bitcoin's price has been fueled by substantial inflows into Bitcoin ETFs, which have exceeded $158 billion. This historic inflow signals a fundamental shift in institutional strategy, tightening supply and setting the stage for Bitcoin to reach even higher targets. The institutional demand for Bitcoin has been particularly robust, with major ETFs redefining crypto flows and driving significant capital into the market.

The technical patterns and regulatory support have also played a crucial role in Bitcoin's rally. The cryptocurrency has shown resilience, holding above key support levels despite market volatility. Analysts have noted that if Bitcoin can maintain its momentum and break through the $121,000 resistance, it could see a significant price appreciation, potentially reaching $132,000. This bullish outlook is supported by the overall structure of the market, which leans towards a continuation of the upward trend. However, it is important to note that while the current market conditions are favorable for Bitcoin, there are still risks and uncertainties. The cryptocurrency market is known for its volatility, and sudden shifts in sentiment or regulatory changes could impact Bitcoin's price. Nevertheless, the current bullish momentum and institutional support suggest that Bitcoin is well-positioned for further gains in the near future.