🚀 Bitcoin Soars Toward $120K: New All-Time High Sparks Market Frenzy

Bitcoin just punched through another psychological barrier—flirting with $120,000 as institutional FOMO reaches fever pitch. Here's why this rally has legs (and why Wall Street is suddenly pretending they 'always believed').

The Bull Case in Bullet Time:

- Liquidity tsunami from ETF approvals finally hitting critical mass

- Miner capitulation over? Hash rate screams 'game on'

- TradFi dinosaurs now scrambling to retrofit their stone tablets with 'digital asset' departments

Reality Check: While retail traders cheer, remember that every CEX 'innovation' lately involves relabeling leverage as 'yield.' The $120K party rages—just watch where you step when the champagne flattens.

Bitcoin’s next stop $130,000

Bitcoin entered price discovery on July 9, since then the king crypto has rallied towards the $120,000 target, a key psychological milestone for traders. Early on Monday during the Asian trading session, BTC climbed to a peak of $119,999, a new all-time high and the closest that the asset has rallied to the milestone.

The two key momentum indicators on the daily timeframe show an underlying bullish momentum in Bitcoin, further gains in BTC are likely. The Relative Strength Index (RSI) reads 76, and Moving Average Convergence Divergence (MACD) flashes green histogram bars above the neutral line.

The BTC/USDT daily price chart shows that the next price target is $132,372, the 127.20% Fibonacci retracement level of Bitcoin's rally from April's low of $74,508 to the new all-time high of $119,999.

BTC is currently 10% away from the next potential bullish target.

BTC/USDT daily chart

However, if BTC faces a correction, it could extend the decline to find support around the lower boundary of a Fair Value Gap (FVG) at $115,222.

Derivatives market data shows that $76 million in shorts were liquidated in the last 24 hours as BTC rallies towards the new peak, the long/short ratio, considered an indicator of derivatives traders inclination towards bullish/ bearish bets exceeds 1. Meaning, more derivatives traders are bullish on Bitcoin and expect further gains in the king crypto.