🇰🇷 Bank of Korea has established a new "Virtual Asset Team" to monitor crypto markets and lead discussions on Korean won stablecoins. What a great move 🙂 #BinanceHODLerTree $BNB
Bitcoin analysts say this must happen for the BTC price to hit new highs
Bitcoin needs to regain momentum with higher trading volumes for BTC to clear the next big hurdle at $120,000 and reenter price discovery. $BTC #BNBATH
Bitcoin must take out resistance at $120,000 to trigger a rally to new all-time highs.
Spot volume and trading activity must recover for the BTC price to break out.
Bitcoin’s rally to its all-time highs near $123,000 appears to be cooling off, but traders believe BTC remains on track with “massive pump incoming” toward higher targets in 2025.
Several analysts explain what must happen to increase Bitcoin’s potential to break into price discovery in the following days or weeks.
Bitcoin must crack $120,000 resistance
Price has been oscillating between $120,000 and $115,000, where it has found support, per data from Cointelegraph Markets Pro and TradingView.
Bitcoin’s bullish case hinges on its BTC price flipping the resistance between $119,000 and $120,500 into support.
Related: Bitcoin nears $120K as analysis predicts 'larger price swings' next
This week’s goal is for Bitcoin to “break above $120,500 with strength and volume,” said private wealth manager Swissblock in a Monday post on X.
The firm explained that the price is consolidating in a descending triangle — a classic continuation pattern — which suggests that it is “just cooling off, not breaking down.”
“Bulls are still in control,” Swissblock added.
Fellow analyst Rekt Capital said that Bitcoin bulls needed to turn the weekly close at $119,200 into support through a retest to “confirm breakout.”
Bitcoin (BTC) price holds slightly below $119,000 on Monday, after making a swift recovery following the sell-off to $114,728 on Friday. Leading altcoins, including Ethereum (ETH) and Ripple (XRP), showcase bullish signs amid steady market sentiment, which was reaffirmed by the trade deal between the United States (US) and the European Union (EU) on Sunday. #BB $BB