BTCUSD – Break Above Key 120K Psychological Level Clears Path for Further Upside

BTCUSD surged past the key psychological barrier at 120K in early Monday trading, hitting a new all-time high above 123K as bullish momentum accelerated.

The latest upside move, which began late last week, is being driven by a surge in institutional demand amid rising global uncertainty. Adding to the bullish tone, the U.S. House of Representatives is set to begin discussions today on a series of bills aimed at establishing long-awaited cryptocurrency regulations—an initiative expected to further fuel investor interest.

Bitcoin kicked off the week with strong gains, building on last week’s nearly 10% advance, which marked the beginning of a fresh bull phase following a multi-month correction from the previous record high at 109,582.

A daily close above 120K would confirm a new bullish breakout, as the price has already cleared the initial target at 123,023 (123.6% Fibonacci projection from the 74,389 rally base), paving the way for further gains toward the 130K psychological level and 131,331 (161.8% Fibonacci projection).

The broken 120K level now acts as immediate support, with any deeper pullbacks expected to find strong buying interest above the 117K higher daily base, preserving the bullish structure.

Res: 123260; 127100; 130000; 131330
Sup: 122000; 121260; 120000; 118900