Bitcoin posted a sharp breakout this week, moving from $114,000 to over $118,700. At press time, the asset is holding steady just under the $119,000 mark. The move followed a period of oversold conditions on the daily chart, with RSI and sentiment indicators both flashing fear before reversing higher.
Global liquidity continues to support risk assets. Gold reached record highs earlier this year, a pattern that has often preceded Bitcoin rallies. On-chain data shows large holders adding to positions, while stablecoin reserves are starting to flow back into the market.
The daily and weekly charts both show improving momentum. The weekly MACD shows that the bearish pressure is fading as red candles lose strength. On higher timeframes, including the monthly chart, Bitcoin remains well below overheated RSI levels seen at previous cycle peaks. Analysts note that the breakout above $118,000 clears the way for a test of $120,000, with the next major resistance zone between $132,000 and $135,000.
The broader crypto market cap has climbed back above $4 trillion, lifted by strong altcoin performance. Ethereum is trading above $4,300, while XRP has rebounded to $2.96. Binance Coin has crossed $1,000, adding to its recent strength.
Solana is back over $221, and Cardano continues to recover after its late-summer weakness. Historically, Bitcoin strength has preceded capital rotation into altcoins, a trend traders expect to continue as Q4 progresses.
With altcoins outperforming and Bitcoin securing a higher base, analysts predict that the current rally could extend into October. However, they also warn of short-term retests as the market absorbs recent gains.
Bitcoin trades near $119,000 after breaking out from $114,000, showing strong momentum and improved market sentiment.
Ample global liquidity is boosting demand for risk assets, with gold’s rally and inflows into crypto supporting Bitcoin’s rise.
Gold hitting records often signals stronger appetite for Bitcoin, as both assets benefit from liquidity and inflation hedging.
Momentum looks strong into October, but experts warn of short pullbacks as markets adjust to sharp recent gains.
October shows bullish signals, but investors should plan carefully, expect volatility, and focus on long-term strategies.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The crypto market took a sharp breather today after weeks of strong momentum. Bitcoin slipped…
Binance’s new co-CEO, He Yi, stated that employees are strictly forbidden from being involved in…
Cardano once spent years building toward its first major rally. It took four full years…
Tron (TRX) is trading near $0.28, holding steady amid adverse market conditions and potential capital…
XRP is once again gaining strong traction across the crypto market as traders grow increasingly…
The search for the best crypto to invest in under $0.05 has grown louder as…
