Bitcoin News Today: Bitcoin Surges 11% to $118,000, Targets $137,000 on Bull Pennant Breakout

Bitcoin has surged past the critical $113,000 mark, confirming a bull pennant breakout that signals strong upward momentum toward a $137,000 target. This breakout has been supported by robust market activity and holder metrics, with 98% of Bitcoin holders currently in profit. This underscores the cryptocurrency’s stability and reinforces confidence in its long-term prospects.

Bitcoin’s recent price action has demonstrated a decisive breakout from a well-formed bull pennant pattern, a technical indicator that often precedes strong upward moves. The breakout above the $113,000 resistance level, confirmed in July 2025, has propelled Bitcoin into a sustained rally phase. Current trading levels near $118,000 reflect an 11% gain over the past month, highlighting significant investor confidence. This breakout is supported by a classic flagpole measurement, which projects a near-term price target of $137,000, with some analysts identifying an extended target approaching $138,000. The maintenance of higher highs and higher lows post-breakout further validates the strength of this bullish setup.

Bitcoin’s market capitalization currently stands at approximately $2.37 trillion, with a fully diluted valuation close to $2.47 trillion, indicating strong market capitalization relative to circulating supply. Despite a 28.73% decrease in 24-hour trading volume to $46.37 billion, overall market activity remains robust. This volume contraction may reflect a short-term consolidation phase rather than a reversal, as large transactions have surged to $229 billion over the past week. These figures suggest that institutional and high-net-worth investors continue to engage actively, providing liquidity and supporting price stability amid fluctuating retail participation.

Data from IntoTheBlock highlights that an overwhelming 98% of Bitcoin addresses are currently in profit, with no addresses registering losses and only 2% at breakeven. This distribution indicates a market dominated by profitable holders, which typically correlates with reduced selling pressure and enhanced price resilience. Furthermore, the concentration of Bitcoin held by large holders remains steady at 12%, suggesting that significant investors maintain their positions, further stabilizing the market.

Holder Time Share metrics reveal that 76% of Bitcoin holders have maintained their positions for over a year, while an additional 20% have held between one and twelve months. This strong retention rate among holders reflects a market characterized by “strong hands,” which historically supports sustained price appreciation. Transaction data also shows a balanced geographical split, with 52% of large transactions originating from Western markets and 48% from Eastern regions, underscoring Bitcoin’s global appeal and diversified investor base.

The recent $229 billion in large transactions over seven days, coupled with a net outflow of $1.48 billion, indicates active portfolio rebalancing among institutional investors rather than panic selling. This level of activity suggests that while some profit-taking may be occurring, the overall sentiment remains bullish. The high volume of large transactions also enhances market liquidity, which is critical for sustaining upward price momentum and minimizing volatility.

Bitcoin’s confirmed breakout above $113,000 and the formation of a bull pennant pattern signal a strong continuation of its bullish trend, with a clear target near $137,000. The combination of high profitability among holders, significant long-term retention, and sustained large transaction volumes collectively supports a stable and optimistic market environment. Investors should monitor these key metrics closely, as they provide valuable insights into Bitcoin’s price trajectory and market health in the coming months.