Bitcoin is currently trading at $118,209, demonstrating continued strong bullish momentum in the market. This aligns with broader market sentiment, which has seen significant institutional inflows, particularly through spot Bitcoin ETFs, driving BTC to new all-time highs in July 2025. The transformation of Bitcoin from a speculative asset to a macro asset, coupled with factors like global liquidity and capital reallocation, are providing substantial tailwinds.
Given this robust backdrop and your weekly target of $126,000, the market appears poised for further upside. However, it's crucial to acknowledge the possibility of short-term volatility and technical corrections after such significant gains.
Key Resistance Level:
The immediate key resistance level to watch is around the $12O,000 - $122,500 range. A sustained break above this zone, ideally with strong volume, would reinforce the bullish outlook and open the path towards your $126,000 target and potentially higher. The next significant resistance beyond that is around $130,000 - $136,000.
Key Support Area:
On the downside, a crucial support area to monitor for potential pullbacks is around $110,000 - $112,000. This area has acted as a strong accumulation zone recently and aligns with key moving averages. A deeper correction could see price test the $100,000 psychological support level. As long as Bitcoin holds above the $110,000 - $112,000 range, the bullish structure remains intact for a push towards OUR weekly target."
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