Bitcoin Bulls Smash Through $120K — Eyeing Fresh All-Time Highs
Bitcoin (BTC) is back in the fast lane. On Monday, BTC/USD broke above the crucial $120K mark, peaking at $122,300 — its highest level in nearly a month.
The surge marks an impressive recovery from the $112K support zone, which formed as the base after the pullback from Bitcoin’s record highs. In just the last two sessions, BTC retraced over 76% of the drop from $123,261 to $111,871 — a sign that the recent correction may be wrapping up.
This rebound has been fueled by:
Fresh institutional buying
Rising expectations of Fed rate cuts following weak U.S. labor data
A softer dollar and lower rates
Positive shifts in U.S. crypto regulations
Technically, Bitcoin’s outlook remains strong. The daily chart shows price action well-supported by a thickening Ichimoku cloud and a Tenkan/Kijun-sen crossover forming — both signals of building bullish momentum. That said, an overbought stochastic warns that resistance near the all-time high could slow the advance.
On the hourly chart, BTC has pulled back slightly from session highs, but $120K has now flipped into solid support. Holding above this level keeps the bigger bullish structure intact, setting the stage for another push toward the $123,261 peak.
If Bitcoin breaks higher, traders will be eyeing Fibonacci extension targets at $126,000 and $127,600, with the psychological $130K level next in sight.