Bitcoin has staged a significant upward move, breaking through the $118,000 resistance level with strong momentum. The cryptocurrency added nearly $10,000 to its value within hours, maintaining gains without retesting previous support zones like $92,000.
Market conditions suggest sustainability for the breakout, with neutral investor sentiment and healthy funding rates across exchanges. Technical analysis indicates potential progression toward $122,500 in the short term, with mid-term projections targeting the $130,000 range.
Upcoming Consumer Price Index data represents a critical catalyst that could accelerate Bitcoin’s momentum. Lower-than-expected inflation figures may boost risk assets like Bitcoin as traders seek hedging opportunities.
Corporate accumulation continues to support Bitcoin’s strength, highlighted by MicroStrategy’s recent purchase of 4,225 Bitcoins during early July. The $472.5 million acquisition executed at an average price of $111,827 demonstrates ongoing institutional confidence in the asset.
The cryptocurrency’s resilience is further evidenced by its consistent position above key technical levels, including $116,000. This bullish technical structure reinforces optimism about Bitcoin’s capacity to sustain its current trajectory.