BTCUSD has broken to a new all-time high at $123,505, and the daily chart shows bulls pressing against the last major resistance at $124,300. A clean close above this level would unlock the 1.0 Fibonacci extension target near $127,600, putting the next leg of upside firmly in play. Support sits at $121,600, with a failure here risking a deeper pullback.BTCUSD momentum is reinforced by Taker Buy Volume holding at $12.24B, showing aggressive market buying at the ask — clearing sell-side liquidity instead of waiting for dips. Historically, this type of persistent buy-side pressure often precedes follow-through breakouts.On the supply side, miner reserves have fallen from 1.808M to 1.806M BTC, removing a key source of sell pressure that capped earlier moves. The combination of bullish chart structure, strong buy-side aggression, and easing miner flows keeps the near-term bias tilted upward.
If the
BTCUSD $124,300 breaks convincingly, eyes turn to $127,600. A rejection and drop under $121,600, especially alongside a miner reserve rebound, would flip the short-term picture.
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Truly Unbiased Cryptocurrency News beincrypto.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.