Bitcoin ($BTC )has blasted its way back above $120,000, reigniting excitement among traders and long-term holders alike. In just the past 24 hours, more than 16,900 BTC have traded hands, signaling strong buying pressure and renewed market confidence. The current momentum has bulls eyeing the next major target between $122,000 and $123,000 but first, $BTC must clear the critical resistance zone around $121K–$122K.
Fueling this rally is a mix of technical strength and positive macro news. On the fundamentals side, the odds of a Federal Reserve interest rate cut next month are hovering around 94%, driven by softer job market data and cooling inflation. Historically, easier monetary policy has boosted risk assets like Bitcoin, as investors seek higher return alternatives.
On the technical front, moving averages are firmly in bullish alignment, with both short-term and long term trends pointing upward. Market depth also shows strong support building under the $120K level, helped in part by institutional accumulation from big Bitcoin whales to spot ETF inflows. These deep-pocket players have been steadily stacking, which reinforces the bullish floor.
Still, the $121K–$122K range could bring volatility. Some traders expect a quick breakout if bulls win this battle,while others warn that profit taking here could trigger a brief pullback before any further rally.
For investors, the question now is simple but tough: Is this the moment to ride the wave, or is it safer to watch from the sidelines?
Either way, Bitcoin is at a critical tipping point and the next few days could determine whether we see a swift run toward $123K or another round of consolidation.