Bitcoin Tests $124K: Bulls Eye Historic Weekly Close || Daily News
Momentum remains strong as BTC tests key resistance — will Uptober live up to its name?
🪙 Crypto Market Overview
Bitcoin tested the 124,000 USD resistance this week and faced a sharp rejection — a reminder of how stretched the recent rally has become. Still, the overall strength of the move remains impressive, as BTC has rallied swiftly from lower levels without much consolidation.
The next key milestone will be whether Bitcoin can close the week above its prior all-time high. A weekly close in that zone would be a major technical win for bulls and could signal continuation rather than correction. Weekend trading is usually muted, so Sunday’s candle will likely set the tone for the next leg.
📊 Technical Picture
Recent moves across stablecoin dominance and broader crypto liquidity suggest that short-term momentum is cooling. Market indicators show that the earlier bullish targets have been met, triggering a short-term pause while traders look for new direction.
There remains a small chance of another push higher — potentially toward the 125,300–128,000 USD zone — if liquidity conditions remain favorable. However, shorter-term charts are flashing early signs of bullish divergence in stablecoin metrics, often a precursor to a temporary pullback in Bitcoin.
🔀 Two Possible Paths
Bitcoin’s on-chain and momentum indicators are diverging, hinting that a correction toward 117,000 USD could still be on the table. That zone aligns with several prior technical supports.
On the flip side, the breakout pattern from recent months projects a potential upside target near 160,000 USD — a level that would mark a full extension of the current megaphone structure. A 50% retracement from that target also lands near 117,000 USD, meaning both bullish and corrective scenarios now orbit the same technical anchors.
🌐 Broader Market Context
The total crypto market capitalization continues to form a clean base around its multi-month trendline. Each test of support has held, reinforcing a long-term constructive setup.
If momentum resumes, the next major target sits near the 5.3 trillion USD zone — consistent with Bitcoin advancing toward the 160,000 USD region later this cycle.
🎯 Strategy Outlook
Short-Term (Days): Long bias. A breakout above 125,300–128,000 USD opens the door to new highs.
Medium-Term (Weeks): Strong structure post-121K breakout; momentum favors continuation.
Long-Term (Months): Cycle projection toward 230K remains intact unless 72K fails.
🧭 Strategy Notes
Traders are now watching whether BTC can reclaim and hold above 125,000 USD — a move that would likely trigger renewed bullish momentum.
Failure to do so may bring the long-awaited correction phase before the next leg higher.
🔑 Key Takeaways
BTC rejected at 124K but remains structurally strong
Weekly close above ATH would signal further upside potential
Divergences point to short-term caution, medium-term trend intact
Crypto market cap building a base toward 5.3T USD
ETH still has room to hit its near-term bullish target
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