Bitcoin’s $120K Dream: Can Bulls Smash Through the Wall?

Bitcoin’s grinding toward its next psychological milestone—but the path looks like a minefield. Resistance levels loom like overleveraged hedge funds, and liquidity’s thinner than a trader’s patience during a 20% pullback.

Here’s the brutal math: To hit $120K, BTC needs to rally 50% from current levels. Possible? Sure. Probable? Ask the ’number go up’ cult—just don’t mention the 300-day moving average.

Meanwhile, institutional players are accumulating while retail chases shitcoin pumps. Classic.

TLDR

• Bitcoin gained 3.38 percent in the past 12 hours, but still faces strong resistance near its all-time high.
• Due to weakening technical and on-chain indicators, the BTC price lacks momentum to push toward the $120,000 mark.
• A swing failure pattern has formed on the weekly chart after BTC failed to close above the $110,000 level.
• RSI shows a bearish divergence, which signals a potential reversal or short-term correction in the BTC price.
• The recent rally’s fair value is $93,02,4, which could act as key support if a pullback occurs.

Bitcoin (BTC) attempted a modest rebound, gaining 3.38% in the past 12 hours. However, the BTC price continues to face strong resistance. Key indicators show the current trend lacks the strength to push toward the $120,000 level.

Despite recent gains, market signals highlight growing selling pressure and weakening momentum. Technical charts and blockchain data reveal clear patterns of profit-taking and reduced whale accumulation. As a result, the BTC price may not sustain a continued rally without significant capital inflows.

BTC Price Signals Weakness Near Highs

Bitcoin’s weekly chart reveals a swing failure pattern at the previous all-time high of $110,000. The Bitcoin price moved above this level but failed to close above it. This pattern typically signals a short-term top or a trend reversal.

Momentum indicators also support this outlook as the RSI shows a lower high. This divergence compared to the higher BTC price points to waning strength. The difference between price and momentum often signals a loss of bullish control.

Furthermore, Bitcoin recently surged 43% from $76,555 to $110,000. This rapid rally suggests the asset may be overextended. If the BTC price retraces, the $93,024 level marks a critical fair value support.

A breakdown below this midpoint can drive the asset into a discount phase. This is where long-term investors and institutions typically enter. However, a deeper correction remains possible in the short term without fresh demand.

Whales Holding Between 100K to 1M BTC Are Reducing Their Stack

On-chain data confirms that large bitcoin holders are trimming their positions. Between February and April 2025, the number of 100 K to 1M BTC wallets rose sharply. These whales accumulated while the BTC price ranged between $75K and $88K.

Now, the same wallets are offloading their holdings as the price approaches resistance. The BTC price shows visible strain under this selling pressure. This whale behavior is often a precursor to price slowdowns or reversals.

When large holders sell near resistance, upward momentum tends to fade. This reduces the likelihood of bitcoin price pushing through to fresh highs. Market liquidity also tightens when sellers outweigh buyers near key price levels.

This ongoing distribution adds another LAYER of resistance to the market. Unless buying pressure offsets this selling, further gains remain limited. As things stand, BTC price faces persistent overhead supply.

Bitcoin Faces Resistance Amid Investor Selling

Profit-taking has intensified as Bitcoin hovers below its all-time high. The Network Realized Profit/Loss (NPL) indicator recently surged from $2.3B to $9.18B, reflecting widespread realization of investor gains.

As Bitcoin price ROSE from $82K to $111K, holders saw an opportunity to exit. Such spikes in NPL often align with local tops in BTC price. Investors are locking in profits, reducing upward price momentum.

With profit-booking underway, consolidation is expected to continue NEAR current levels. The BTC price lacks the momentum needed for a strong breakout, and historical patterns suggest caution during such phases.

Without new inflows, prices tend to stall near previous highs. This cycle of buying and selling creates a sideways pattern. Bitcoin price may remain range-bound unless new demand drives a breakout.