Bitcoin Cracks $120K: Bulls Eye Historic Weekly Close || Daily News
Momentum builds as BTC breaks key resistance while alts signal further upside
🪙 Crypto Market
Bitcoin has smashed through the 120,000 USD level and even managed a daily close above it — something it has only achieved twice before.
The next few days are absolutely critical as traders watch whether BTC can secure its first-ever weekly close above $120K.
Meanwhile, a weak Challenger jobs report reinforced expectations of another Fed rate cut. With no NFP release this week due to the shutdown, today’s ISM Services data will take center stage. Strong numbers could fuel further appetite for risk assets like crypto.
📊 Traders Expect Pullback — But Upside Risk Dominates
Many traders remain conditioned to range-bound behavior, expecting another pullback. But aggressive dip-buying on every minor drop suggests the real risk may be to the upside.
If Bitcoin holds its ground above $120K, bears may be caught off guard as bulls push for another leg higher.
📈 Near-Term Technicals
Key zones to watch:
118,000 USD → immediate support
122,000–123,000 USD → short-term upside targets
125,300 USD → major rising trendline resistance
A clean breakout above 125,300 USD would likely open the door for a surge toward 140,000 USD.
💵 USDT Dominance Signals More Crypto Upside
The USDT market cap dominance chart has rejected from its 365-day EMA and is trending lower.
A head & shoulders breakdown is underway.
Momentum suggests a move towards the 365-week EMA.
This pattern implies multiple weeks of crypto upside.
🌐 Altcoin Watch
SOL: Already hit the $235 target, next up looks like $270.
ETH: Eyeing $4,650 short-term and $5,500 as the bigger upside level.
On-chain activity: Strong Daily Active Address spikes across major alts.
Potential breakout candidates: LINK, CRONOS, HBAR, BCH, TONCOIN.
📊 On-Chain & Indicators
Short-term sell signals (4h/6h) have been quick and shallow — dips are being bought fast.
A more meaningful correction may not arrive until a daily sell signal, expected early next week.
Momentum indicators: A sharp 25-point drop over 3 days signals growing bullish pressure.
🎯 Strategy Outlook
Short-Term (Days): Looking for a bounce continuation above 120,000 USD, with 122k–125k the immediate upside focus. Risk if we dip back under 118k.
Medium-Term (Weeks): Structure stays bullish while above 107k. Weekly close above 120k sets the stage for a 132k–148k run.
Long-Term (Months): Cycle projection intact toward 230k. Major invalidation only if 72k breaks.