Bitcoin Surges 12% to $121,945, Targets $130,000 Resistance

Bitcoin has recently demonstrated strong bullish momentum, with its price decisively closing above the $112,000 previous all-time high. This breakout has positioned Bitcoin to target the $130,000 channel resistance, a level that aligns with the upper boundary of the macro channel. Traders and analysts are closely monitoring this resistance level, as a breakout above $130,000 could trigger continued expansion, while a rejection may offer a corrective move.

Bitcoin has moved above the mid-range resistance of its ascending channel, currently trading at $121,945. This structure has been intact since earlier this year, with clear higher highs and higher lows supporting the ongoing trend. A close above $121,519 would confirm continuation toward the next resistance targets. On the weekly chart, the Relative Strength Index (RSI) is approaching a descending trendline that has previously acted as resistance. A confirmed breakout above this RSI trendline would support the current price strength and align with prior momentum rallies observed on similar setups. Historical data shows that when RSI broke above this trendline in the past, BTC experienced extended rallies. Traders are watching this level as a technical validation of trend strength, especially as price remains above all major moving averages.

Bitcoin’s breakout above $108,000 invalidated the prior bearish setup and marked a new break of structure on the weekly Smart Money Concepts (SMC) chart. The price also reclaimed key liquidity levels, with volume-backed movement confirming strength. On-Balance Volume (OBV) continues to climb in tandem with price, reinforcing bullish momentum. Following that, BTC rallied $10,000 within a week and shows no signs of slowing. Bitcoin’s short-term support now sits between $117,109 and $118,200. As long as these levels hold, traders may expect continued movement toward the channel’s upper boundary near $130,000.

The price of Bitcoin has surged past $120,000, shattering prior highs with strong backend momentum. However, underlying mechanics suggest that it may consolidate within the $120,000–$130,000 range in the coming period. This consolidation phase could provide an opportunity for traders to assess the market's next move, as the $130,000 level has historically been a zone where sellers have stepped in and triggered downside movements. Experts and analysts are optimistic about Bitcoin's potential to reach $130,000, citing rising retail and corporate interest as key drivers. The recent surge in Bitcoin's price has sparked one of the biggest bull runs yet, with the cryptocurrency topping $120,000. This bullish sentiment is further supported by volume spikes and breakout patterns, which indicate a strong upward trend.

As Bitcoin approaches the $130,000 resistance level, traders are watching for any signs of exhaustion or further momentum. The price has already broken its all-time high at $119,500 and is on track for the highest weekly close ever. This bullish structure suggests that Bitcoin could continue its upward trajectory, potentially testing the $130,000–$150,000 range by the end of the year, provided that macroeconomic conditions remain favorable.