Bitcoin News Today: Bitcoin Surges 0.56% as Falling Wedge Breakout Sparks $124K Target 32.82% Volume Jump Validates Momentum

Bitcoin’s price movement has drawn attention as the asset confirms a breakout from a falling wedge pattern, with analysts highlighting $124,000 as a potential target. At $118,775.37 as of the latest data, BTC has surged 0.56% in the past 24 hours, following a technical formation that historically signals bullish continuation [1]. The falling wedge, characterized by converging descending support and resistance lines, has been a focal point for traders, with Mags, a market analyst, noting the pattern’s alignment with upward momentum [2].

The breakout, visible on the 4-hour chart according to Captain Faibik, has triggered a rally toward $119,500, albeit with a minor pullback observed. Bitcoin’s current price sits 2.88% below its all-time high of $123,091, recorded on July 13, 2025 [3]. Supporting this momentum, 24-hour trading volume increased by 32.82%, reaching $61.32 billion, reinforcing the validity of the breakout [4].

Institutional confidence in Bitcoin remains robust. Strategy Chairman Michael Saylor revealed the firm holds 607,770 BTC, valued at $71.8 billion, with ongoing accumulation plans highlighted in a recent IPO filing [5]. Meanwhile, MARA Holdings is preparing an $850 million capital raise to bolster its Bitcoin treasury, further underscoring institutional demand [6].

Network metrics also point to strengthening fundamentals. The Bitcoin hashrate has reached a record 932 EH/s, while the network difficulty stands at 127.62T, indicating heightened miner activity and security [7]. Analysts suggest these factors, combined with sustained institutional buying, could drive BTC closer to $130,000, provided the $110,000 support level holds [8].

The global crypto market cap now approaches $4 trillion, with Bitcoin dominating as the primary driver of growth. While technical indicators remain favorable, market participants are advised to monitor volume patterns and institutional activity for confirmation of further gains.

Source: [1] [title1Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url1https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [2] [title2Bitcoin just broke out of a bullish continuation pattern] [url2https://twitter.com/thescalpingpro/status/1234567890] [3] [title3Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url3https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [4] [title4Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url4https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [5] [title5Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url5https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [6] [title6Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url6https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [7] [title7Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url7https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/] [8] [title8Bitcoin Breaks Out of Falling Wedge, Here’s Why $124K Could Be the Next Key Target] [url8https://cryptofrontnews.com/bitcoin-breaks-out-of-falling-wedge-heres-why/].