Analyst: Bitcoin Could Hit New All-Time High if It Breaks $120,000 Resistance

BlockBeats News, July 30th, according to Cointelegraph, currently, $120,000 is the key Bitcoin resistance level that traders are watching. Several analysts believe that if a large amount of buying pressure pushes the price above this level, it will pave the way for Bitcoin to rapidly achieve a new all-time high.

Glassnode stated in its latest report: "Once a breakout past this area is confirmed, the market structure could change, with the $141,000 area becoming a focal point, corresponding precisely to the position two standard deviations above the price realized by Short-Term Holders (STH), a key on-chain metric indicating intensified profit-taking behavior. Another key level to watch is $125,000, representing the position one standard deviation above the cost basis for Short-Term Holders (STH)."

On the downside, traders should pay attention to Bitcoin's STH cost basis around $105,400 and the year's opening price around $93,000, both of which roughly correspond to one standard deviation below the STH cost basis. Meanwhile, analyst Killa suggests that the $114,000 to $116,000 range is a critical area of focus. The Bitcoin price might briefly drop below this range, fill the reasonable gap value at $112,000, and then stabilize and rebound.