Bitcoin News Today: Bitcoin Eyes $127,000 If Volume Confirms $120K Breakout

Bitcoin's price movement has drawn renewed interest, particularly with a bullish outlook from a Bitunix analyst. According to the expert, if Bitcoin (BTC) confirms a breakout above the $120,000 level on the daily chart with strong trading volume, the next key price targets would be $124,000 and $127,000[1]. This forecast has intensified speculation about whether BTC could either reclaim or exceed its all-time high of $122,838[2].

As of August 1, 2025, Bitcoin was trading at $118,780, with a 24-hour trading volume of $62.1 billion. Over the past seven days, the price rose by 3.0% compared to a week earlier, though it underperformed the broader cryptocurrency market, which saw a 7.90% drop[2]. In the same period, BTC traded between $118,780 and $114,128, reflecting continued price volatility[2].

The Bitunix analyst's prediction depends heavily on volume confirming a breakout. Strong volume is seen as a key indicator of the strength and legitimacy of upward price movement, signaling the potential for further gains[1]. If BTC clears $120,000 with adequate volume, the analyst suggests that a new upward trend could be in motion[1].

Bitcoin’s current market capitalization stands at approximately $2.36 trillion, with 19,905,012 coins in circulation, which is 94.8% of the maximum supply of 21 million. The remaining coins are either locked or have yet to enter circulation[2]. Its fully diluted valuation (FDV), assuming all coins were in circulation, would remain at $2.36 trillion[2].

For traders and investors, the coming weeks may be critical in determining the short-term trajectory of Bitcoin. The Bitunix analyst's projection of $127,000 serves as a clear target, but it is conditional on volume confirming the breakout. Should this threshold be reached, it would represent a major milestone, potentially sparking renewed interest from both institutional and retail investors[1].

Bitcoin continues to dominate the crypto market in terms of liquidity and trading volume, with Coinbase and Kraken remaining the most active exchanges[2]. As the market evolves, the focus will remain on whether BTC can sustainably move above $120,000, supported by strong volume activity.

Sources:

[1] Bitunix Analyst Predicts $127K BTC Top—If Volume Confirms Breakout – Markets and Prices Bitcoin News

https://news.bitcoin.com/bitunix-analyst-predicts-127k-btc-top-if-volume-confirms-breakout/

[2] BTC to USD: Bitcoin Price in US Dollar

https://www.coingecko.com/en/coins/bitcoin/usd