Bitcoin has broken through the long-standing $120,000 resistance level, turning it into a strong support zone and setting the stage for a possible run toward $140,000.
The flagship cryptocurrency is currently trading at $121,585, up 2.95% over the past 24 hours, with trading volume surging 30% to $77.95 billion, a clear sign of rising market activity.
Bitcoin breaks $120K, eyes $130K–$140K next
As highlighted by crypto analyst Crypto Patel just days ago, Bitcoin’s 4-hour chart was showing a bearish pattern of lower lows and lower highs, with repeated rejections at the $119,500–$120,000 supply zone, also known as a bearish order block.
This level had stopped rallies in their tracks multiple times, raising fears that another rejection could send the price tumbling toward $114,000, $112,000, or even $108,000.
The bullish breakout has changed that narrative. By pushing above $120,000 and holding, traders now have their eyes on higher targets.
If momentum holds, Bitcoin could challenge its previous record highs and push toward $130,000 and $140,000 in the weeks ahead.
Even with the breakout, a key support to watch remains in the $104,500–$106,000 demand zone. This bullish order block has acted as a reliable cushion during past corrections, and traders will be eyeing it closely if the market sees a pullback.
BTC optimism rises on Saylor signal
Adding to the optimism, MicroStrategy co-founder Michael Saylor has posted his “Saylor Bitcoin Tracker” once again, a move that often precedes the announcement of another major Bitcoin purchase by the company.
Historically, such news has boosted confidence among investors and triggered buying momentum. With strong volume, a clean breakout, and possible corporate buying on the horizon, Bitcoin’s next move could set the tone for the rest of the quarter.
A sustained close above $120,000 would confirm the shift in market sentiment, while any reversal could bring back volatility and test crucial support levels before the next push higher.