Can Bitcoin Break Past $120K After Hitting a Record High of $119,319?

• Bitcoin (BTC) hits a new all-time high of $119,319 today.
• Current price hovers around $119,107 with 1.25% daily gains.

Bitcoin (BTC) reached a historic milestone today, surging to an all-time high of $119,292.62—just days after breaching the $118,000 ceiling on July 11. Bitcoin touched a fresh all-time high of $119,319.84 just minutes ago, marking another defining moment in its ongoing rally. 

The asset now trades at $119,336.27, registering a daily gain of 1.49%. This upward extension comes only days after its previous peak and solidifies a strong bullish trend in both market structure and sentiment. At present, Bitcoin holds a market capitalization of $2.37 trillion, up 1.48% from the prior day. 

The fully diluted valuation now stands at $2.5 trillion, reflecting strong long-term conviction. Meanwhile, 24-hour trading volume rose modestly to $46.92 billion, an increase of 4.95%. The market cap ratio, currently at 1.92%, indicates steady liquidity and active investor engagement.

Will BTC Reach 120K?

Technical indicators on the daily timeframe suggest continued upward bias. Price action printed higher highs and maintained strong momentum above $117,000. The immediate resistance rests at $120,000, a psychological ceiling that may invite selling pressure. 

Should BTC break through this threshold, the next projected target lies near $123,500. On the downside, support is visible at $116,800, a level that absorbed prior retracements and now serves as a reliable floor.

Momentum indicators further confirm the bullish narrative. The Relative Strength Index currently stands at 75.23, crossing well above the overbought zone of 70. Its 14-day average, plotted at 61.15, continues to rise, widening the bullish divergence. 

The Chaikin Money Flow (CMF) indicator remains comfortably in positive territory at 0.24. Sustained readings above the zero line emphasize capital inflow dominance and reflect institutional interest. The consistent climb in CMF values also supports the thesis of ongoing accumulation.

Price structure remains elevated above both short-term and intermediate moving averages, all of which exhibit upward slopes. There are no bearish crossovers in sight, reaffirming the strength of this prevailing uptrend. If BTC sustains this level, it could accelerate toward new uncharted highs.

Highlighted Crypto News Today
Hedera Explodes 24%, Can HBAR Price Reach a Yearly High?