- Bitcoin surged past $117,000 on Bitstamp after breaking out of a tight consolidation range with strong bullish volume.
- Traders are now watching the $120,000 level as the next key resistance.
Bitcoin has once again made headlines after a dramatic price surge, smashing through the $117,000 mark on Bitstamp. This explosive move stunned the market and sparked fresh optimism among traders and analysts alike.
Bitcoin Breaks Out of Tight Range
For days, bitcoin had been consolidating within a narrow price band between $110,000 and $113,000. This period of quiet accumulation set the stage for an intense upward breakout. The digital asset ignited a steep rally marked by a sharp green candle on the hourly chart, pushing BTC past key resistance levels in a matter of minutes.
The move began earlier in the day with a small surge around $108,500, which was followed by a period of sideways movement. But unlike previous attempts, bulls showed significant strength this time, taking control with a surge in trading volume that confirmed strong buying pressure.
Bulls Target Psychological $120K Level
The breakout above $114,000 acted as a clear trigger, launching bitcoin to an intraday high of $117,000 before retreating slightly to $116,333 at press time. Traders were caught off guard by the speed and magnitude of the move, which resembled bitcoin’s historic parabolic runs seen in earlier bull cycles.
With momentum building rapidly, market watchers are now turning their attention to the $120,000 mark—widely viewed as the next psychological resistance. Today’s fierce rally suggests bulls may test the $120,000 level sooner than expected if they maintain pressure.
What’s Next for Bitcoin?
Today’s action serves as a reminder of bitcoin’s volatility and potential for rapid gains during bullish phases. While corrections are always possible, the current structure points toward further upside in the short term. A sustained move above $117K could trigger another round of FOMO (fear of missing out) buying, propelling bitcoin into uncharted territory once again.
As traders regroup and strategize, all eyes remain on whether bitcoin can close above the $117,000 level and make a serious run at $120,000. For now, the bulls are firmly in control.
ALSO READ:Bitcoin Ownership Uncovered: Who Really Holds the $2 Trillion Asset?
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
