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If Bitcoin Breaks $120K, There May Be No Further Resistance, Here’s Why
Breaking $120K could remove major resistance, opening a path for further Bitcoin gains.
On-chain metrics show strong supply-demand setup, with room for price growth before overheating.
Cooling inflation and potential rate cuts may boost Bitcoin’s breakout chances above $120K.
Bitcoin is trading close to $118,790 after rebounding from $112,000 earlier this month. Price has been holding above key supports, and traders are focusing on the $120,000 resistance level. Market capitalization stands at $2.36 trillion, with daily trading volume at $60.15 billion.
Price Approaches Key Resistance Level
CW8900 a crypto analyst suggests that, if Bitcoin breaks the sell wall at $120,000, there will be no further resistance. The level capped the last rally in late July, leading to a period of consolidation before the recent recovery.
Data shows BTC’s price structure supported by multiple green zones, including $112,000, $104,000, and $100,000. The current higher-lows pattern reflects strong buying interest, while the Z-Score at +1.5σ suggests momentum is firm but not overheated.
Market volume has grown alongside the recent push toward $118,500, with several intraday retests holding near the upper range. Analysts note that a daily close above $118,000 increases the probability of testing $120,000 in the short term.
Technical and On-Chain Factors Support Bullish Case
According to an observation by BitBull, Bitcoin’s parabolic trend since 2024 is intact, and an upward move of 10% could trigger over $18 billion in short liquidations. Such a move could accelerate price action above the $120,000 level.
Source: BitBull(X)
On-chain data shows the Stock-to-Flow ratio at 154, indicating reduced supply pressure. The MVRV Z-Score at 2.667 suggests price has room to grow before reaching peak risk levels. Support at $115,724 and the 50-day SMA near $113,324 remain key zones for buyers.
Upcoming CPI data, expected to show cooling inflation, may also encourage rate cut expectations, which historically benefit BTC. Together, technical structure, macro environment, and strong market positioning create conditions that could enable a breakout above the $120,000 sell wall.
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