Bitcoin at a Crossroads: $120K Breakout Imminent?
Bitcoin's price action is flashing its most critical signal in months—will the bulls finally push past psychological resistance?
The $120K question
Market structure suggests we're either staring at the mother of all bull traps or the launchpad for crypto's next leg up. Liquidity pools below $100K got drained faster than a Wall Street bonus pool during tax season.
Technical catalysts
On-chain metrics show whales accumulating at levels last seen before the 2021 supercycle. Meanwhile, retail FOMO hasn't even kicked in yet—a dangerous cocktail when leverage ratios are this stretched.
Make or break
Either we get confirmation of institutional adoption driving real demand...or another reminder that crypto markets eat 'overleveraged longs' for breakfast. Place your bets.
Source: CryptoQuant
Now that bitcoin has found brand new price territory, traders are trying to gauge how long the euphoria will last. Exchange flows—the amount of BTC being moved onto exchanges, presumably for trading—have continued the steady decline they've seen since October.
They've now dropped to $2.39 million, according to CryptoQuant, the lowest figure in the past three years.
Ryan Lee, chief analyst at Bitget Research, said strong stock market performance, steady money supply, and the passage of the One Big Beautiful Bill Act are all flashing bullish for Bitcoin.
"Given these conditions, Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end," he said.
