Bitcoin edged higher today, breaching the key $119,000 mark, after a string of steady sessions, lifting prices above recent ranges and drawing fresh attention from big investors.
Data shows the top crypto asset registered a second straight day of strong inflows, putting $430 million into Bitcoin spot ETFs. That kind of demand helps explain why Bitcoin’s market value has jumped from $870 billion to $2.34 trillion this year.
Analysts say that steady institutional buying has been a key engine behind the rally, and continued flows could keep momentum alive.
Resistance zones are being tested. Near-term hurdles sit at $118,500 and $119,800, with a close target at $120k if buyers stay in control.
Analyst Satoshi Flipper pointed out that BTC appears to have built a base above the $115,000 area and is holding a higher time frame structure, adding that a long-term breakout aim sits near $130,000.
Buyers extended the climb past $118k, and that move is being cited as a sign that demand remains present above current levels.
The OI weighted funding rate came in at 0.0050%. Liquidations show the market can still move quickly: $157.08 million in positions were wiped in the past day, with shorts accounting for $136 million and longs $20 million.
A bullish MACD crossover has been confirmed on some timeframes, and the RSI sits at 58% — levels that suggest more room to climb but not runaway overheated conditions.
The fourth quarter’s average return has historically been large, at 78%, which is why some market participants are optimistic heading into the final months of the year.
Buyers remain active, but the path up may not be smooth. A clear push above $120,000 would be a useful signal that new highs might follow, while a stumble into the liquidity clusters could force a quick pullback.
Market participants are balancing on-chain flows, visible technical levels, and known seasonal patterns as they decide their next steps.
Featured image from Unsplash, chart from TradingView
