
Bitcoin Breaks Resistance, Eyes $120K: BTC briefly hits $112,150, crossing its previous ATH as analysts predict further upside toward $120K.
Market Cap Hits $3.47T: Crypto market sees 3% daily growth with Ethereum, XRP, Solana, and Cardano posting strong gains alongside Bitcoin.
The cryptocurrency market is back in the green, with Bitcoin making headlines after breaking through the $111,000 resistance level. Earlier today, Bitcoin briefly touched $112,150, crossing its old all-time high by a small margin. Though the price has slightly pulled back to around $111,400, analysts say this move shows strong bullish momentum in the market.
Despite fears of market crashes, wars, and negative news, data from charts, on-chain activity, and macroeconomic trends have pointed to a continued uptrend. Many have been expecting this breakout for months and Bitcoin’s next major target could be around $120,000.
At the time of writing, the total cryptocurrency market capitalization has climbed to $3.47 trillion, marking a 3.03% increase over the past 24 hours. Ethereum has also slipped in green, trading at $2,786, gaining over 7% in a day. XRP, Solana, and Cardano are showing upward momentum, with XRP up 5%, Solana rising 4%, and Cardano climbing 6.25% in the same period.
What’s Next For Bitcoin Price?
Bitcoin’s price is currently hovering close to a key resistance zone, awaiting a breakout above the $111,000–$112,000 level. If the price manages to break and hold above this range, it could trigger a new bullish price target around $111,500, with short-term resistance sitting slightly higher at $112,000.
On the other side, if Bitcoin fails to break out, it faces support around $107,500, with a deeper support zone near $105,500. At the moment, price action remains mostly sideways on shorter timeframes, forming a symmetrical triangle pattern.
However, large amounts of liquidity are building just above and below Bitcoin’s current price, raising the possibility of sudden price moves or fake-outs in the short term. Overall, while momentum is still lacking on higher time frames, the market is on edge waiting for Bitcoin’s next decisive move.
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FAQs
The crypto market is rising due to a combination of factors: improving macroeconomic sentiment (weakening USD, anticipated Fed rate cuts), increasing institutional adoption, strong trading volumes, and bullish technical indicators for Bitcoin.
Given that Bitcoin briefly touched $112,150 today, surpassing its previous all-time high, it has already reached new highs in July. Analysts now set targets beyond this point, with $120,000 being a likely next short-term resistance.
Based on current market momentum, technical analysis (like the symmetrical triangle pattern and a potential break above $111,000-$112,000), and macroeconomic tailwinds, analysts are eyeing a move towards $120,000 and potentially higher within July.