Bitcoin (BTC) is gearing up for a potential breakout as bulls set their sights on the $123K mark, with rising momentum and key resistance levels driving renewed optimism.
After weeks of tight consolidation near $112K, traders are watching Bitcoin’s next move closely. A decisive close above resistance could trigger a bullish wave fueled by strong on-chain and ETF inflows.
Bitcoin holds firm near $112K as bullish structure strengthens
Bitcoin (BTC) continues to consolidate around the $112,000 zone, maintaining its bullish momentum after reclaiming key resistance levels. The leading cryptocurrency has posted modest gains over the past 24 hours, trading near $112,700 at the time of writing — up 2.03% according to Brave New Coin.
Bitcoin battles the $112K resistance—a clean breakout could launch $BTC toward the $123K target. Source: @CryptoCaesarTA via X
Technical analyst Crypto Caesar (@CryptoCaesarTA) noted that Bitcoin is “testing a key resistance around $112K,” adding that a clean daily close above this level could confirm a bullish continuation toward $123K. The setup aligns with Bitcoin’s broader ascending channel pattern, which continues to show consistent higher highs and higher lows, suggesting that market structure remains intact.
Liquidation heatmap highlights key risk zones
Market volatility is building as traders monitor a dense cluster of liquidation levels on both sides of the market. Analyst Kamran Asghar (@Karman_1s) highlighted a Bitcoin liquidation heatmap from Coinglass showing long liquidations around $109K and short liquidations near $111.5K—raising the question of which side will be swept first.
BTC liquidation heatmap shows longs at $109K and shorts at $111.5K — which side will get swept first? Source: @Karman_1s via X
The heatmap displays heightened leverage within the $108K–$112K corridor, meaning that even a small deviation in price could trigger cascading liquidations. The Fear & Greed Index currently sits at 30 (Fear), underscoring cautious sentiment despite short-term bullish signals.
Institutional demand and ETF flows support sentiment
On-chain data from Changelly and CoinDesk point to renewed institutional activity, including ETF inflows and whale accumulation, which continue to bolster Bitcoin’s recovery following brief macro-driven sell-offs.
Recent filings show sustained demand for Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, reflecting broader investor confidence in digital asset exposure through regulated vehicles.
Bitcoin’s market capitalization stands above $2.2 trillion, maintaining its dominance in the broader crypto landscape, while cumulative ETF inflows and accumulation by entities like MicroStrategy have helped stabilize prices near this range.
Technical outlook: $111K support remains critical
From a structural perspective, Bitcoin has respected its ascending channel, holding above equilibrium support between $111,800 and $112,000. The 20-day moving average also aligns with this range, reinforcing it as a key pivot zone.
Bitcoin stays bullish, bouncing off $112K support toward $118K resistance. Source: InnovationCapital on TradingView
Momentum indicators show a strong bullish impulse on high volume, although the stochastic oscillator sits in the overbought zone—hinting at the possibility of short-term consolidation before another move higher.
Analysts expect pullback buys near $112K–$112.5K, targeting $114.8K → $116K → $118K in the short term, with a stop-loss below $111K to protect against invalidation.
Final Thoughts
Bitcoin’s near-term direction hinges on whether bulls can secure a decisive close above $112K. A confirmed breakout could validate the next leg higher toward $123K, while failure to hold support may trigger a short-term pullback before resuming the broader uptrend.
Bitcoin (BTC) was trading at around $113,865, up 2.03% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin
For now, Bitcoin’s technical structure remains constructive, backed by resilient demand, healthy on-chain metrics, and sustained institutional interest across BTC ETFs and spot markets.