Bitcoin Price Eyes $120K Breakout; ATH in Sight
Bitcoin price is trading around $118,000 after a 4.17% weekly gain. Technical analysis from KillaXBT shows the August monthly open at $115,752 has flipped into support, signaling bullish momentum. A key resistance zone at $120,000 aligns with last week’s open ($119,414) and major liquidation orders. A breakout above the descending trendline on lower timeframes could push Bitcoin price toward the $120K mark and potentially test the all-time high near $123,186. If Bitcoin price fails to breach $120K, a pullback to the $110,000–112,000 support range—featuring a fair value gap at $111,955—is likely. Traders should watch for a pattern of higher highs and higher lows intraday to confirm the uptrend. While an early-week dip could hunt liquidity from overleveraged longs, overall momentum remains bullish.
Bullish
The analysis points to bullish momentum for Bitcoin price due to the flip of the $115,752 monthly open into support and the potential breakout above the $120,000 resistance zone. In the short term, traders may see a minor retracement as liquidity runs are executed, but the underlying uptrend is reinforced by a pattern of higher highs and higher lows. A decisive move past the descending trendline could trigger a rapid ascent toward the $123,186 all-time high. Overall, these technical signals support a sustained bullish outlook in both the near and longer term.