Bitcoin surged past $118K after a bull flag breakout, defying bearish expectations and confirming strong institutional support.
Neutral sentiment and healthy funding rates suggest Bitcoin’s rally is sustainable, with short-term targets set around $122,500.
Analysts anticipate a further Bitcoin push toward $130K if upcoming CPI data supports broader macroeconomic optimism.
Bitcoin continued its upward momentum this weekend, smashing past $118,000. After consolidating between $108,000 and $109,000 for days, the leading cryptocurrency confirmed a bullish flag breakout and extended its rally. This explosive move sent prices surging nearly $10,000 in a matter of hours. According to analyst Doctor Profit, the price action aligns perfectly with the forecast shared earlier by seasoned market watchers who emphasized structure and sentiment over fear-driven narratives.
Furthermore, Bitcoin did not exhibit any symptoms of weakness throughout the breakout. High trade volumes supported the 4-hour chart's candlestick patterns, which showed strong bullish momentum. The latest market activity disproved retest calls close to the $92,000 CME gap. Rather, Bitcoin remained resilient and rose beyond resistance levels, especially $116,000, to maintain its strength.
Source: Doctor Profit
Sentiment and Structure Remain Solid
Besides the impressive price performance, sentiment indicators have remained neutral throughout the rally. This signals healthy market behavior and controlled leverage. There were no signs of panic selling or blowout funding rates. On-chain activity suggests that institutional players absorbed retail exits, especially during last week’s 80,000 BTC transfer event.
Hence, the current structure reflects a classic continuation pattern with minimal signs of exhaustion. As Bitcoin consolidates around $117,000 to $118,000, traders are eyeing the next leg higher. The short-term target sits around $122,500, while mid-term projections suggest a move toward $130,000.
Eyes on CPI Data and Further Upside
Furthermore, Riskier assets like Bitcoin may rise even more if inflation data is lower than anticipated. As such, analysts and traders are still hopeful. The sentiment is cool and not agitated, and the bullish structure is still in place. Furthermore, there is less likelihood of short-term liquidation squeezes because funding rates are still in a reasonable range.
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