Bitcoin News Today: Bitcoin Surges Past $120,000 Mark, Bullish Momentum Intact

Bitcoin has recently captured significant attention due to a powerful bullish surge, as indicated by the widely followed Bitcoin Blueprint. This technical analysis model, which has a proven track record of identifying key pivot points, has signaled that the market has entered a highly bullish phase. The recent price movements of Bitcoin align closely with the Blueprint's predictions, showing strong momentum and suggesting the start of a sustained rally. The model's historical accuracy in timing past market moves has added credibility to its current signal, making it a focal point for traders and analysts.

With Bitcoin now in what many are calling a "massively bullish state," expectations for higher prices are growing. On-chain data reveals a decrease in Bitcoin held on exchanges, indicating that investors may be moving their holdings into cold storage in anticipation of long-term gains. The sentiment across social channels is overwhelmingly positive, with market structure, volume, and chart patterns all supporting the possibility of continued upward movement. This bullish signal may prompt those on the sidelines to start paying closer attention to the market.

Crypto analysts have begun adjusting their price targets upward in response to this shift. The Bitcoin Blueprint, which has been back-tested against years of data, is providing renewed confidence to many in the crypto space. This bullish signal is significant for both seasoned traders and curious investors, as it suggests a potential for sustained upward momentum in the Bitcoin market.

Despite a brief dip after reaching an all-time high, driven by short-term profit-taking, long-term holders and miners have continued to hold their positions. This indicates a sustained bullish sentiment in the broader market. The surge in exchange inflows and the rush by short-term holders to lock in profits triggered a brief cooldown in price. However, the absence of sustained outflows from long-term holders suggests that the overall bullish structure remains intact.

Crypto analyst Nic Puckrin noted that Bitcoin's surge past the $120,000 mark broke above a seven-year trendline that had acted as a strong resistance level since 2018. This development is seen as an incredibly bullish signal, especially given the current market environment. Puckrin also highlighted that the Bitcoin long/short ratio is currently overbalanced in favor of the longs, with 24-hour liquidations close to $1 billion, suggesting a short-term reversal in price is almost guaranteed, with liquidations looming at around $118,000.

While short-term holders moved quickly to take profits, miners appear to be taking a different view. There has been a notable decline in miner-to-exchange flows, with recent volumes retreating from last week’s brief spike. The Miners’ Position Index has also dropped back into neutral-to-negative territory, indicating that miners are not under immediate financial pressure to sell. This restraint points to confidence in Bitcoin’s continued upside. Given their historical accuracy in timing exits, miners’ hesitation to offload coins may be a key signal that the current bull phase still has room to run.

Bitcoin’s drop to $116.8K from the all-time high shows early signs of a short-term correction. The daily RSI has slipped from near-overbought territory, now hovering around 64.8, indicating fading bullish momentum. The MACD still showed a positive crossover, but its upward curve was flattening, suggesting weakening momentum unless fresh buying steps in. The large red candle on the 15th of July confirms heightened sell pressure at the top. While the longer-term trend remains intact, the current setup points to a cooling-off phase, with a possible retest of support levels before bulls attempt to reclaim control.

Puckrin also highlighted how this rally looks different from past peaks. Unlike previous all-time highs, future funding rates are still at normal levels, meaning the risk of cascading liquidations is low. He added that retail buyers are nowhere to be seen yet. This rally is still driven by institutional capital, while the typical signs of retail involvement – soaring search traffic and crypto app rankings – are absent. This suggests that the current bullish surge in Bitcoin is primarily driven by institutional investors, who are likely to continue holding their positions, further supporting the bullish outlook.