Bitcoin Targets $120K As Bulls Regain Momentum Amid Market Optimism

The Bitcoin(BTC) market space is moving carefully, but bulls are starting to take control of the trend. BTC price skyrocketed 2% in the past 24 hours, the next target is to set to $120K. Despite global tensions and U.S. economic concerns, volatility stayed low, BTC liquidations hit $18M, which marks the market uptrend.

BTC price reached a high for this week, touching $116,718.23 price level. Its market volume rose 3.16% and reached $60.74 billion, indicating a high investor confidence in the market. According to CoinMarketCap, the Fear and Greed index stood at 54, indicating a neutral sentiment.

Bitcoin’s Bullish Structure Indicates a Move to Near $120K

A prominent crypto analysis DeGram, indicated that Bitcoin is making a symmetrical triangle, which usually means the price is compressing before a breakout. BTC price the $112,348 demand zone, and this level is protected, which means buyers are stepping in every time the price comes close.

Bitcoin is now sitting just below a strong resistance level ($120K). However, this area has rejected prices before, so a breakout above it would be a strong bullish signal. Despite some pullbacks, Bitcoin is still creating higher lows, meaning buyers are in control.

Looking ahead, if BTC breaks above $120K with strong volume next stop might be $124K or higher. If it fails to break out, we could see a retest of the $112K zone again.

US Spot Bitcoin Sees $91.6 Million Inflows, Price skyrocketed

According to the Sosovalue, the US Spot Bitcoin Exchange Traded Fund saw $91.55 million inflows yesterday after four consecutive days of outflows, which signals for market uptrend. BlackRock IBIT (iShares) led this inflow, adding $41.9 million.

Bloomberg reports that Donald Trump will sign an order on Thursday to let people invest in things like private equity, real estate, and cryptocurrencies through their 401(k) retirement accounts.

The order tells the Labor Department to review its rules and work with the Treasury and SEC on possible updates. These outcomes have a bullish sign for the crypto market. These are the major things that drive Bitcoin up today.