Bitcoin has climbed to $118,000 marking a 4.3% daily gain and pushing its market capitalization to $2.34 trillion.
With 24-hour trading volume soaring past $70 billion, traders and analysts are closely watching whether the world’s largest cryptocurrency is on the verge of another explosive rally.
The price move comes as Bitcoin breaks through a critical resistance level at $117,000, a point identified by Glassnode data as a major supply wall. According to market analyst Ali, resistance thins significantly above this level, suggesting that Bitcoin could face fewer barriers as it aims for new all-time highs.
Q4 Rally Expectations
Crypto Rover, a well-followed analyst, highlighted historical seasonal trends pointing to strong Bitcoin performance in the fourth quarter.
Past cycles show BTC often accelerating between October and December, a pattern that Rover believes could make Q4 “massive for Bitcoin.”
Weekly chart structures also appear bullish. Rover noted that Bitcoin’s current candle formation signals a potential breakout, with consolidation tightening into a wedge pattern.
If the breakout materializes, it could trigger strong upside momentum fueled by both technical and seasonal factors.
Liquidation Shakeout
Data shows nearly $204 million in Bitcoin liquidations, with shorts making up the majority at $185 million. The liquidation wave has added further pressure to sellers, amplifying Bitcoin’s upward momentum as bearish bets get squeezed.
Key Resistance Levels
With Bitcoin now holding above $117,000, traders are targeting the $120,000 zone as the next psychological level. If bulls maintain control, analysts suggest that Bitcoin could enter a parabolic stage where resistance barriers thin out quickly, allowing sharper moves.
At the same time, short-term volatility remains a risk, with profit-taking and macroeconomic catalysts likely to influence price action throughout Q4.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-surges-to-118000-as-analysts-eye-breakout-momentum-in-q4/