Bitcoin Breaks $109K Briefly: Will $120K Be the Next Stop?

Bitcoin made a new all-time high at $109K, claiming a valuation well-above $2 trillion.
Bitcoin needs to pull off a weekly close above $103,000 for a solid retest of $127K, said an analyst.
Bitcoin technicals are highly bullish as the cryptocurrency soared from $99K to $109K in a matter of hours.

Bitcoin (BTC) achieved a new all-time high of $109,114.88 earlier today, briefly reclaiming a valuation of $2.15 trillion. The leading cryptocurrency rose 3.82% in the past 24 hours but has since slipped to $108,241.38, marking a 1.2% decline from its peak.

Crypto analyst EGRAG CRYPTO emphasized the importance of BTC closing a four-hour candle above $109K to sustain momentum toward $120,000. Without this confirmation, he believes the rally may stall.

Previously, EGRAG suggested that Bitcoin needs to close a weekly candle above $103,000 to set the path for a test of $127,000. However, the analyst also warned that a retest of $77,000–$80,000 could occur before further upside.

On the four-hour chart, Bitcoin has formed three consecutive green candles, supported by increased accumulation. The gradient of key indicators points to potential short-term price gains.

Bitcoin’s rise beyond $100,000 coincides with heightened market volatility as Donald Trump’s pro-crypto administration assumes office today. Data from Coinglass shows $1.13 billion in liquidations over the past 24 hours, including $812.02 million in shorts and $318.82 million in longs.

Bitcoin Price Analysis: RSI and Bollinger Bands

On the daily chart, Bitcoin’s Relative Strength Index (RSI) reads 67.10, indicating that bulls remain dominant. The upward gradient suggests BTC is likely to set new highs in the near term.

Breaking through the upper Bollinger Bands further signals a potential rally, provided demand continues to grow.

The anticipated inflow into spot BTC ETFs in the U.S. later today is another factor expected to fuel Bitcoin’s upward trajectory.

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