Bitcoin Primed for $120K Surge After Reclaiming Critical Support: CryptoQuant Analysis

Bitcoin bulls are back in control—and the charts are flashing a potential moonshot.

The king of crypto just smashed through a key resistance level, setting the stage for a rally that could send prices soaring to $120,000, according to CryptoQuant's latest on-chain data.

The breakout nobody's talking about

While Wall Street obsesses over Fed rate cuts, Bitcoin's quietly painting its most bullish technical setup since the 2021 bull run. The critical level? Let's just say hodlers who held through the dip are now sitting pretty.

Liquidity tsunami incoming

Exchange reserves are drying up faster than a meme coin's utility token. With spot ETF flows accelerating and the halving supply shock now fully priced in, the stage is set for a violent upside move—because nothing fuels crypto rallies like FOMO and leverage.

Will traditional finance finally admit they missed the boat? Probably not—but that never stopped Bitcoin before.

At 54.69, the relative strength index is just above neutral and indicates improving momentum without yet being overbought. Shorter-term moving averages also flash “buy,” and the moving average convergence divergence has entered a bullish signal zone.

Bulls must push Bitcoin above the $108,000–$110,000 resistance level for upside momentum to continue. A daily close above $110,000 could open the door to the $114,000–$120,000 range. If momentum fades, support lies at $105,000 and stronger buying could return NEAR $102,000 or $98,900.