BTC could hit a new ATH if it holds above $120K: check forecast

The cryptocurrency market was bearish last week, with over $200 billion wiped out from the market. However, market conditions improved over the weekend, with Bitcoin and other major cryptocurrencies currently in the green.

BTC is looking to break past the $120k resistance level amid institutional backing and could rally higher if market conditions persist over the coming hours and days.

Trump’s EU tariff deal boosts investor confidence, Metaplanet adds 780 Bitcoins to holding

The cryptocurrency market turned bullish over the weekend thanks to some macroeconomic news. On Sunday, President Donald Trump confirmed a tariff deal with the European Union, scaling levies down to 15% from the previously threatened 30%.

The announcement sent the broader cryptocurrency market rallying, with Bitcoin adding 1% to its value to top the $119k mark. Bitcoin could break above the $120k resistance soon and could rally towards a new all-time high.

While speaking with CoinDesk, Nassar Al Achkar, Chief Strategy Officer at CoinW, said,

“Bitcoin maintained a resilient range and rebounded to $119k after old wallets with tens of thousands of BTC began transferring funds to exchanges, which led some traders to fear a market correction. Numerous institutions continue to onboard into the crypto industry and utilize reserve strategies, showcasing strong demand against recent surges of stock prices.” 

In addition to that, Japanese firm Metaplanet has continued its Bitcoin buying spree. The company purchased 780 bitcoins for $92.5 million, with an average price of $118,622 per BTC. Thanks to this latest acquisition, Metaplanet now holds 17,132 BTC, worth about $2 billion at current market prices. 

According to Metaplanet’s CEO, Simon Gerovich, the firm’s average Bitcoin purchase price is now $101,030.

BTC could hit a new ATH if the price breaks above $120k

The BTC/USD 4-hour chart is bullish and efficient, with a market structure shift created a few hours ago. This indicates a bullish momentum, with the weekly candle also closing bullish.

At press time, Bitcoin is trading at $119,014 and is approaching its upper consolidation boundary at $120,000. If Bitcoin’s daily candle closes above the $120k resistance level, it could extend its recovery towards the all-time high price of $123k. An extended bullish run would allow BTC to set a new all-time high around $125k or higher. 

The 4-hour Relative Strength Index of 53 shows that buyers are regaining control of the market. The MACD lines also crossed into the positive region a few hours ago, suggesting a switch to the bullish bias.

However, if BTC fails to close its daily candle above $120k, it might undergo a correction that would allow it to test last week’s low of $115k. An extended bearish run would see BTC retest the 50-day Exponential Moving Average (EMA) at $112,350.

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