Bitcoin's Astonishing Record-Breaking Performance - 119,000$

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Bitcoin's Astonishing Record-Breaking Performance

 

As projected in the previous week's analysis, Bitcoin demonstrated the potential to ascend to the $119,000 resistance level, a target it subsequently surpassed. Amid this strong bullish trend, buyers have successfully established a new all-time high of $122,700.
 

From a fundamental standpoint, the entry of large-scale traders and prominent corporations active in the cryptocurrency market has been a primary catalyst in strengthening the upward trend and fostering improved sentiment for further gains.
 

The fact that major market participants drive these recent movements increases the likelihood of the uptrend's sustainability and continuation. This momentum in Bitcoin has consequently initiated a positive wave across the altcoin market.

 

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On long-term timeframes, such as the monthly and weekly charts, the $110,000 resistance level has been decisively broken, and from a technical perspective, there are no clear indicators suggesting a potential price decline. If the bullish trend continues, the next significant target for buyers is likely the $129,500 level.
 

In shorter timeframes, such as the daily chart, the prevailing trend also remains bullish. Although the price is well into the overbought territory, executing sell orders is still considered high-risk due to the powerful positive sentiment and the sheer strength of the current upward momentum.