Bitcoin breaks $117K resistance with 5%+ surge, reaching $123,429 on strong institutional demand.
Fibonacci levels suggest potential targets at $127K, $137K, and $153K in upcoming sessions.
New 401(k) crypto rules and ETF buying fuel record BTC adoption, addresses hit yearly high.
Bitcoin bulls achieved a key technical milestone after the cryptocurrency broke above the $117,000 resistance level with a strong 5%+ move. The breakout occurred following a period of consolidation and was supported by rising trading volume. At the time of writing, BTC was trading at $121,026.
Strong Momentum Drives Price to Multi-Month Highs
According to analysis prepared by Captain Faibik, Bitcoin traded within a descending channel before breaking resistance with strong upward momentum. The move took BTC to $123,429, representing a 3,272-point increase or 2.72% gain. The breakout also pushed prices to the highest level since mid-July.
https://twitter.com/CryptoFaibik/status/1954777424811454874
During European trading hours, Bitcoin tested the $122,335 level, approaching its July peak of $123,218. Data from CoinMarketCap shows Bitcoin’s market capitalization at $2.4 trillion, with 24-hour trading volume of $78.37 billion. Analysts note that the rally reflects sustained institutional interest rather than short-term retail speculation.
The move is also supported by the Fibonacci extension levels. Based on the BTC/USDT chart, the 61.8% extension lies near $127,000, the 100% at $137,000, and the 161.8% near $153,000. According to market analyst Donald Dean, a “volume shelf” between $116,000 and $118,000 may act as a base for a push toward $131,000.
Institutional Adoption and Policy Shifts Boost Market Confidence
Institutional treasury rebalancing is accelerating as major corporations increase Bitcoin allocations. According to an observation by Wincent Director Paul Howard, “The signing of an executive order from the US administration last week has initiated fresh ETF buying and positive sentiment ahead of CPI and PPI data.”
The policy change allows cryptocurrency investments in 401(k) plans, opening access for millions of Americans. Market analysts suggest that post-halving trends, reduced exchange reserves, and rising institutional demand are aligning to create favorable market conditions.
On-chain data also shows long-term holders accumulating. Crypto analyst Ali Martinez reported 364,126 new Bitcoin addresses created daily, the highest in a year. With the Fear & Greed Index at 67, traders are watching for further moves toward $130,000 and beyond.
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