Key Insights
- Bitcoin broke out of a multi-week channel, surged past $121K, and briefly hit a new all-time high of $124K on rising volume.
- Analyst Michaël van de Poppe flagged $120K–$121K as a key area for short-term trades after BTC swept liquidity above major resistance.
- Support now lies between $120K and $116.8K, with buyers watching for retests to confirm the continuation of Bitcoin’s strong uptrend.
Bitcoin has broken out of a multi-week consolidation pattern and moved closer to its previous all-time highs. After trading in a downward-sloping channel from mid-July to early August, the price rebounded off the lower trendline and moved decisively above the $118,000–$119,000 resistance zone. This breakout was followed by a strong upward move that pushed the price above $121,000.
The chart structure suggests that the recent consolidation was part of a bullish continuation pattern. Price action within the channel indicated temporary range-bound movement before buyers regained control. Volume also picked up during the breakout, supporting the move. Bitcoin’s price has continued to rise, currently trading near $121,692.
Momentum Points to New All-Time Highs
Market sentiment turned positive after Bitcoin cleared previous resistance levels. The breakout activated strong bullish momentum, and the Bitcoin briefly touched levels near $124,000. This area represents a potential new all-time high zone, with traders closely monitoring price movements.
Michaël van de Poppe, a well-followed market analyst, commented on X:
“#Bitcoin prints a new ATH and takes the liquidity! Trend is clearly up until proven otherwise. Dips are there to be bought.”
His comments reflect market interest around the $120,000–$121,000 range, which he noted as an area to consider for short-term trades.
Support Levels to Watch on Pullback
Technical analysis points to possible support around the $120,000–$121,000 area, where recent resistance could turn into support. Below that, key levels include $119,500 and $116,800. These zones were tested multiple times during the consolidation period and may provide support if price retraces.
A pullback to these levels would be consistent with typical breakout behavior, where price retests former resistance zones before continuing the trend. The market continues to watch whether Bitcoin can maintain its strength above $121,000 in the short term.
Trading Volume and Market Context
Bitcoin’s 24-hour trading volume is $65 billion, showing active participation across major exchanges. Bitcoin is up 1.94% in the last 24 hours and has gained 6.43% over the past seven days. These figures reflect growing momentum following the breakout and continued interest from both retail and institutional participants.
As of now, Bitcoin remains in a clear uptrend. The breakout above the channel and strong buying pressure suggest the possibility of continued upward movement, provided current support zones hold during any short-term retracement.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bitcoin-explodes-out-new-ath-hits-124k/