Bitcoin Support Near $123K Could Lead to Surge Toward $135K

Key Insights:

• Bitcoin’s support at $123K may trigger a surge toward $135K resistance.
• The futures market shows growing confidence in Bitcoin’s continued bullish momentum.
• BlackRock’s $899.4 million Bitcoin purchase boosts market optimism for higher prices.

Bitcoin’s price has seen a significant rally in recent days, with analysts predicting a potential rise toward $135,000. After an extended period of upward movement, the cryptocurrency has taken a brief pullback. Still, support levels around $123,000 may play a crucial role in determining the next phase of its price action.

Key Support Level at $123K and Current Price

Bitcoin has been on an impressive upward trend, with only one red candle in the past 11 days, signaling strong bullish momentum. According to experts, $123,325 represents a critical support level, and if the price finds support here, it could continue higher and close today’s candle in the green. 

As long as Bitcoin holds this support level, it may maintain its bullish momentum, with the next resistance target at $135,000. If the support at $123,000 fails to hold, BTC may experience a minor correction.

If the support at $123,000 fails to hold, BTC may experience a minor correction. The next likely support zone is seen near the $119,885 range, where Bitcoin could stabilize before resuming its upward trend. Bitcoin is currently trading at $122,471, down 1.35% in the last 24 hours. The 24-hour trading volume is over $82 billion, indicating a highly active market.

Futures Market Activity Suggests Continued Bullish Sentiment

However, Market data suggests that investor confidence remains high, especially in the futures market. Glassnode reported a sharp increase in Bitcoin’s futures open interest as traders added long positions during Bitcoin’s breakout to new highs.

This uptick in futures contracts is seen as a sign that many traders are betting on further upward movement for Bitcoin. This activity reflects growing optimism among market participants, who are positioning themselves for more gains. 

As the market consolidates near the $123,000 level, the sentiment surrounding Bitcoin remains largely bullish, reinforcing the view that the cryptocurrency could continue its ascent toward $135,000.

Institutional Investment Driving Market Sentiment

Adding to the bullish sentiment, institutional interest in Bitcoin remains strong. Recently, BlackRock, a global investment firm managing over $11 trillion in assets, made a substantial purchase of Bitcoin.

According to Ash Crypto, BlackRock purchased $899.4 million worth of Bitcoin in a single day, further fueling market optimism. This level of institutional involvement suggests that Bitcoin’s price could continue to rise.

The institutional interest in Bitcoin is likely to play a key role in driving the cryptocurrency’s price higher. With large players entering the market, Bitcoin’s trajectory toward $135,000 looks more plausible, assuming the current support levels hold.