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Bitcoin has surged above the $121,000 mark, breaking key resistance within its ascending channel and signaling renewed bullish momentum in the crypto market.
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Technical indicators such as the weekly RSI and On-Balance Volume (OBV) support the potential for Bitcoin to test the $130,000 upper channel boundary in the near term.
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According to COINOTAG sources, sustained volume and price action above $117,000–$118,000 are critical for maintaining this upward trajectory.
Bitcoin breaks $121K resistance with strong volume and RSI momentum, targeting $130K as key support holds, signaling potential for a significant rally.
Bitcoin Breaks Mid-Channel Resistance, Eyeing $130K Target
Bitcoin’s recent price action has demonstrated a decisive break above the mid-channel resistance level at approximately $121,500. This breakout is supported by steady volume, indicating genuine buying interest rather than a short-lived spike. The ascending channel, which has been intact since early 2025, continues to provide a clear framework for price movement, with higher highs and higher lows reinforcing the bullish trend. Traders and analysts are now focusing on whether Bitcoin can sustain this momentum to reach the channel’s upper boundary near $130,000, a level that could act as a significant psychological and technical resistance.
Weekly RSI Approaches Critical Breakout Level
The Relative Strength Index (RSI) on the weekly chart is approaching a descending trendline that has historically acted as a resistance barrier. A confirmed breakout above this trendline would validate the current strength in Bitcoin’s price and could trigger further upside momentum. Past instances where the RSI broke above this level have coincided with extended bullish rallies, suggesting that this technical indicator is a key signal for market participants. Maintaining price action above major moving averages further supports the bullish case, providing additional confirmation of trend resilience.
Volume and Momentum Indicators Confirm Bullish Structure
Bitcoin’s breakout above $108,000 earlier this year invalidated previous bearish setups and established a new break of structure on the weekly Smart Money Concepts (SMC) chart. This breakout was accompanied by a reclaiming of critical liquidity zones, which are essential for sustaining upward price movements. The On-Balance Volume (OBV) indicator has risen in tandem with price, reinforcing the strength of the current rally. According to COINOTAG analyst Cas Abbe, a weekly close above $107,700 was a pivotal trigger, and the subsequent $10,000 rally within a week underscores the robustness of this momentum.
Support Levels Provide a Foundation for Continued Gains
Short-term support for Bitcoin now resides between $117,109 and $118,200. These levels have held firm amid recent price fluctuations, providing a solid base for further advances. As long as Bitcoin remains above this support zone, market participants can anticipate continued upward movement toward the channel’s upper boundary. This support range is critical for traders looking to enter or add to positions, as a breakdown below these levels could signal a loss of momentum and potential consolidation.
Conclusion
Bitcoin’s breakout above $121,000 within its ascending channel, supported by strong volume and a near-term RSI breakout, points to a sustained bullish trend with a target near $130,000. Key support between $117,000 and $118,000 remains crucial for maintaining this trajectory. Market watchers should monitor these technical levels closely as Bitcoin continues to navigate its path toward potential new highs, with momentum indicators suggesting that the current rally could extend further.
