Bitcoin (BTC) is pushing closer to a fresh high as the global crypto market cap surpassed $4.2 trillion this weekend., Bitcoin currently trades at $122,493 with daily volume near $77 billion, showing a 1.97% rise in the last 24 hours. Besides that, the overall market cap reached $4.19 trillion, marking a 1.38% increase, according to CoinMarketCap data.
TradingView data show Bitcoin holding steady above $122,000 after breaking out this week. The rally has lifted confidence as Bitcoin pushes against major barriers. It’s still showing strength, holding safely above its key support levels near $116,784 and $114,446.
Technical signals back bulls
Bitcoin’s recent rebound from below $110,000 sparked strong buying pressure. Hence, the coin cleared multiple resistance points and is now preparing for another upward leg. According to the data, the $123,000–$124,000 zone is the next critical level. A break could push prices toward new all-time highs, while a pullback toward the EMAs may present entry points.
According to Crypto King, “$BTC on the 1H chart has formed a perfect cup and handle. Breakout gave a fast 5% move, and price is holding the uptrend line. The road to $126K is wide open. The trend is your friend.” This bullish structure continues to fuel optimism.
Macroeconomic tailwinds add support
Bitcoin has also benefited from the U.S. government shutdown. Since the halt, BTC gained 8% as traders positioned themselves around policy uncertainty. Additionally, Bitfinex analysts noted that “Bitcoin’s movement toward a new all-time high appears genuinely organic.” They linked momentum to potential stimulus talk from Trump and steady ETF inflows.
JPMorgan expects Bitcoin could climb to $165,000 by 2025, pointing to strong ETF inflows and its value edge over Gold.
Bitcoin is riding technical strength and supportive macro trends. If inflows continue and resistance breaks, the path toward record highs remains wide open.
Also Read: Bitcoin Has 71% Chance to Hit $126K in Uptober Rally: Polymarket
