Bitcoin Surges 2.44% Toward $120,000 on Institutional Accumulation

Bitcoin is currently experiencing a significant surge, with its price pushing towards $120,000. This upward momentum is supported by substantial volume, indicating strong market backing. The cryptocurrency's structure is also building towards a potential cycle extension of $184,181. This extension is based on historical patterns, where every major Bitcoin cycle has topped near a 5.618 extension. This pattern has been observed in previous cycles, with peaks around $30.84 in 2011, $1,205 in 2013, $18,702 in 2017, and $63,839 in 2021. Each of these tops aligned with the same extension model, confirming a repeated market rhythm.

Bitcoin is currently coiling below macro resistance, holding strength near $116,267. This phase reflects a directional squeeze, with all indicators converging to push Bitcoin toward a major cycle decision. The immediate target is $120,000, with the potential for further gains towards the $184,181 top. The recent range has formed beneath resistance with tightening volatility and stronger higher lows, signaling a buildup rather than a breakdown.

Institutional and sovereign accumulation have intensified, further fueling Bitcoin’s momentum. Over 400,000 BTC are now held by governments, with significant holdings in the United States, China, and El Salvador. South Korea’s K Wave Media has also committed $1 billion toward its Bitcoin treasury strategy. This institutional pressure is sparking breakout momentum, with Bitcoin reclaiming short-term momentum on the hourly chart and forming a bullish W-structure. The recent rally saw Bitcoin jump +2.44% in one session, with a volume spike of 4.71K BTC. This came after a textbook reversal structure printed between July 4 and July 9, setting a fresh weekly high.

With historical patterns pointing to $184,181 and accumulation driving momentum, Bitcoin now faces a high-pressure scenario. The market is watching closely as Bitcoin has entered a defining moment. Will it break above $120,000 and stretch toward the extension zone, or will this compression phase stall again? The outcome of this phase will be crucial in determining the next steps for Bitcoin's price trajectory.