According to market reports, Bitcoin pushed it up to the key ceiling this week as more money flowed into the futures and spot markets. Price action exceeds several support levels, with traders monitoring $123,500 as an immediate test before a new run on the record.
Related readings
Bitcoin price tests the final resistance
Bitcoin’s trading channel has been held firmly for several weeks, with a high stable pattern and high lows. After finding support near Channel Low, a point lined up at the market control point, the rally reached a high-time frame resistance zone of $123,825.
Based on the report, that level is now the last major cap before prices move to undeprecated territory. If the barrier is taken neatly, the next target in the channel is close to $131,000.
Momentum is supported by a growing open interest. As prices rose, the number of active positions has also increased, and traders read it as a sign of expanding participation, rather than a short retail flare-up.
It reveals that the strategy’s Bitcoin holdings rose to $77.4 billion as BTC regained its $120,000 mark.
Source: Coinglass
Institutions add large positions
Spot Bitcoin ETFs collect large amounts of money. The total inflows into these ETFs reached $58 billion, bringing $23 billion this year, according to figures cited in the market.
Some analysts expect another $20 billion could arrive by the end of the year. This type of demand has been called structural bids by some investors to strengthen the supply available on the exchange.
Wall Street analysts are currently issuing bold price targets. One large bank has circulated the figure of $231,000, and Geoff Kendrick, head of digital asset research at Standard Chartered, will offer a short-term call of $135,000, with $200,000 likely to be possible by the end of 2025.
Despite wider macro concerns, Kendrick is based on three pillars: sustained inflows of ETFs, faster adoption between companies, and stable market sentiment.
Price structure and open interest are consistent in ways that many traders find persuasive. Each rallies up to now is followed by a measured pullback, but some rallies are considered healthy integration rather than breakdowns. Still, areas above the previous highs are less fluid. Moves there and tends to be wild quickly.
Related readings
What traders should see next
It is important to take a closer look at how the market works around $123,500. A critical break between increasing volume and growing open interest will accelerate climbing to over $131,000. If the level is held as a resistance, expect a sharper fix that allows you to test lower support in the channel.
Gemini featured images, TradingView chart
