Will BTC Hit $120K in the Next Few Days?
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Bitcoin is gaining ground as it surges toward its all-time high of $111K, fueled by renewed buying interest and strong technical momentum. With market sentiment shifting positively, expectations are building for a potential breakout that could take BTC to the $120K range in the near future. BTC Price Analysis: Technicals By Shayan The Daily Chart Following a healthy pullback to the $106K support level, BTC attracted notable demand, leading to a renewed rally back toward its all-time high at $111K. The ongoing price action reflects solid bullish momentum, likely stemming from sustained accumulation within the $100K–$111K consolidation range. A key bullish signal has also emerged: the 100-day moving average has crossed above the 200-day moving average, forming a Golden Cross, historically associated with longer-term bullish trends. This reinforces the current upward trajectory and investor confidence. However, BTC now faces a decisive test at the $111K ATH. A successful breakout above this psychological and technical barrier could ignite a fresh impulsive leg upward, with the $120K mark as the next major target. Source: TradingView The 4-Hour Chart On the 4-hour timeframe, BTC initially faced rejection at the upper boundary of a descending wedge near $108K, triggering a brief dip to $106K. This move, however, was likely a liquidity sweep, a strategic pullback designed to trap retail sellers and enable smart money to accumulate long positions. Following this, the BTC price broke above the wedge structure and completed a bullish retest, confirming the breakout. The cryptocurrency is now gaining momentum again, eyeing the $111K liquidity pool, where a cluster of stop orders likely resides. This area is of high interest to large players seeking to trigger a buy-side liquidity cascade. If bulls can reclaim this level, a breakout is likely to follow, potentially propelling Bitcoin to new highs around $120K. Source: TradingView…
Filed under: News - @ July 3, 2025 5:22 pm