🚀 Bitcoin Primed for $132K Surge After Defending $118K Support – Bulls in Control
Bitcoin isn't asking permission. The king of crypto just flexed its staying power by holding firm above $118K—now traders are eyeing a rocket ride to $132K as the next stop.
The Setup: After a brutal 30% correction last month, BTC's resilience at this level screams accumulation. Whale wallets are loading up, and futures open interest just hit a 3-month high.
Why $132K Matters: That's the 1.618 Fibonacci extension from the last swing low. A clean break turns it into a springboard toward the $150K psychological barrier (where Wall Street analysts will suddenly 'discover' crypto again).
Risks Ahead: The SEC's predictable mid-summer lawsuit circus could spark volatility. But with BlackRock's ETF inflows hitting $2B daily? Good luck stopping this train.
Fun fact: The same hedge funds shorting BTC at $118K are the ones that called it a 'fraud' at $20K. Some never learn—others just enjoy losing money theatrically.
Bitcoin is holding steady above $118,000 despite the recent ups and downs in the market. As of now, Bitcoin is trading at $118,274 and showing signs of strength after brushing off selling pressure and minor pullbacks earlier this week. This comes at a time when investors have been watching closely to see whether the crypto king will break out or buckle under volatility.
The next target could fall between $127,000 and $132,000. However, they warn that confirmation is key before getting too excited. The crypto market has a history of sudden reversals, so it’s important to wait for a strong breakout before calling the next leg up.
Altcoins are already starting to show early signs of life. XRP is bouncing, ethereum is holding steady in the overbought zone, and smaller altcoins are beginning to stir. The total market cap for altcoins, excluding Bitcoin and Ethereum, has shown a slight uptick, hinting that money could soon rotate into the broader crypto space.
Bitcoin’s market dominance is sliding again, which usually benefits altcoins. USDT dominance is also dropping, a signal that traders are moving funds into more volatile assets in search of returns. This environment could set the stage for a broader crypto rally.
In a big move, a whale wallet from the early bitcoin days sold 80,000 BTC through Galaxy Digital, amounting to nearly $9 billion. Despite this, the market held up surprisingly well. This sale is a reminder that even the biggest players are taking profits.
With global liquidity still rising and whale accumulation continuing, the road to the next rally may be closer than many expect.
