Bitcoin Could Potentially Reach $130K If Support Holds Above $110K, Analysts Suggest

Key Points

1. Bitcoin's price could climb to $130,000 if it holds above the crucial support level of $110,756, aligning with the +2.0 sigma deviation in Glassnode’s MVRV pricing bands.

2. An important accumulation zone between $110,000 and $112,000 could underpin Bitcoin’s next rally, while maintaining a price above $116,800 is essential for momentum toward new all-time highs.

3. The next significant resistance level for Bitcoin is at $119,500, which it must overcome to continue its upward trajectory.

4. Net inflows of $82 billion over the past 30 days are significantly lower than the $135 billion recorded during December’s peak, indicating a stable environment for further price appreciation.

5. Bitcoin’s market capitalization stands at $2.35 trillion, while trading volume has decreased by 53% to $49 billion, suggesting a balanced market poised for potential gains.