Bitcoin surges on robust institutional demand, approaches 120K milestone
Bitcoin continues its explosive rally, marking a series of fresh record highs as the latest bullish leg stretches into a fourth consecutive day, with Friday’s gains accelerating—up 4.5% so far.
The surge is fueled by renewed institutional demand and supportive signals from the Trump administration’s pro-crypto stance, providing fresh tailwinds for the digital asset.
A breakout above the top of the recent short-term range signaled the end of consolidation and the start of a new bullish phase.
The rally now approaches the key psychological barrier at 120K, a significant resistance level where some profit-taking or hesitation may occur, particularly as daily technical indicators flash overbought signals.
Momentum has been strengthening with each passing day, reinforcing bullish sentiment and suggesting further upside potential.
In this environment, short-lived consolidations or shallow corrections are likely and may offer more favorable re-entry points for bulls before the uptrend resumes.
A clear break above the 120K pivot would open the path toward 123,026 (123.6% Fibonacci projection from the 74,389 base), the 130K psychological level, and 131,331 (161.8% Fibonacci projection).
On the downside, initial support lies in the 117,500–117,000 area, with stronger footing seen at 113,450–113,000 (Friday’s low / daily Tenkan-sen). These levels should cushion pullbacks and protect the next key support at 112K, the previous all-time high.
Res: 120000; 123026; 127100; 130000
Sup: 117000; 113500; 113000; 112000
