Bitcoin has decisively breached the critical $121,500 resistance level, establishing a foundation for further upside toward the $130,000 threshold. This breakthrough occurred within Bitcoin’s prevailing ascending channel formation, backed by substantial trading volume and reinforced by pivotal technical indicators.
The Relative Strength Index (RSI) on the weekly chart is testing crucial breakout levels, signaling intensifying bullish momentum. Volume confirmations, including rising On-Balance Volume (OBV), further validate the strength behind the current rally. Short-term stability relies on support between $117,109 and $118,200 – a critical zone required to sustain upward momentum.
Analysts highlight Bitcoin’s weekly close above $107,700 as the catalyst for its latest $10,000 surge, underscoring the robust market conviction. Continued price action within this technical structure maintains focus on the $130,000 resistance target as the next significant objective.