Bitcoin has soared, breaking through the significant $117,000 resistance level to reach approximately $123,429. This move signals a strong bullish sentiment in the market.
The surge is attributed to increasing institutional investment pressure, including significant buying via approved exchange-traded funds (ETFs), and the recent regulatory decision allowing cryptocurrency allocations within employer-sponsored 401(k) retirement plans. The cryptocurrency market capitalization now stands at $2.4 trillion.
Technical analysis based on Fibonacci extensions points towards potential future price targets near $127,000, $137,000, and $153,000, suggesting continued bullish momentum could be sustained. Market watchers have identified consolidated trading activity between $116,000 and $118,000, termed a ‘volume shelf,’ which may provide foundational support for further upward price movements.