Bitcoin News: Bitcoin Smashes $125K, Eyes $130K If $124K Holds

 Bitcoin leaped over $125K in the Uptober rally. With the potential of $124K support, BTC can shoot up to $130K in no time, which indicates a good bullish movement.

This October saw Bitcoin experience a bullish achievement as it broke through the $125,000 barrier.  The cryptocurrency hit an all-time high of $125,450 and then dropped a notch back. The recent trading sits at approximately $123 441 with a strong weekly increase of 11.89%. 

Source – CMC

This big spurt is based on the fact that Bitcoin has tested the most important resistance of 124,000, and the analysts believe that this will be the next breakout level.

The 124000 dollar opposition served as a turning point. The first ceiling was initially rejected by Bitcoin at this level, yet well-established buying orders of 121,000 and 118,000 in Binance gave it solid ground.

Source – X

Such support levels are vital to keep momentum and avoid declines. These robust bids, allowing bulls to reclaim a symbolic value of $124K are a green flag that those seeking to rally to $130,000 can accomplish in a short time.

Uptober’s Defining Resistance Sparks FOMO

The October rally, also known as the Uptober rally, has thrilled traders with its rapidity and volume. Breaking and storing over 124K of Bitcoin would open the gateway to quick profits.

This move breaks the psychological barrier that has been in place for a long time and gives BTC a new impetus for a fresh campaign towards $130,000- a level most commonly predicted as the next short-term goal.

The latest price trend of Bitcoin indicates clean higher lows, which supports the bullish uptrend. The fact that traders looking at $130K anticipate the steady purchasing pressure without the regular altcoin rotation highlights the faith in Bitcoin’s supremacy. 

Such a situation corresponds to a larger market trend in which Bitcoin is gaining dominion amidst macroeconomic uncertainties.

Critical Support Levels Hold the Key

At 121,000 and 118,000, support levels are higher than technical levels–they represent positive areas of purchase.  Unless Bitcoin regains control of the market above $124,000, the market is expected to experience a healthy pullback to these supports without discontinuing the entire uptrend.

The conviction of this rally is being tested by the strong bids on Binance. Significantly, the larger trend will remain intact as long as BTC is above 113,000. 

That is why this level of structural resilience is so important: it might trigger a mass buy-in in a moment, trying to reach up to 130K in several days.