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.
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.
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.
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