Bitcoin Breaks Channel Resistance Near $124K as Analysts Map the Next Major Price Targets

Bitcoin breaks above $124K with strong buying momentum and maintains a higher high pattern.

Exchange reserves drop to 2.4M BTC, showing accumulation and reduced selling pressure.

Analysts eye $140K–$200K Fibonacci targets as institutional inflows exceed $3.3 billion.

Bitcoin recorded a strong breakout above its descending channel, reaching a new all-time high around $124,480. The move established fresh momentum as the market maintained consistent buying activity. Analysts observed that Bitcoin is now attempting to stabilize above this critical level, setting up conditions that could trigger a broader advance in the coming weeks.

BTC Structure Strengthens After Breakout

According to analysis prepared by Daan Crypto Trades, Bitcoin experienced a strong breakout from a channel formation, confirming renewed market strength. The price moved sharply upward, trading near $123,957 while testing resistance around $124,479. This breakout followed weeks of consolidation within a downward channel, supported by growing trading volumes and steady market demand.

Bitcoin’s overall structure continues to show higher highs and higher lows, a key pattern supporting trend continuation. Daan Crypto Trades noted that maintaining this structure will be important for sustaining the long-term move. The analyst added that losing the $117,000–$118,000 zone, considered a high-volume mid-range area, could weaken momentum

Source: CoinMarketCap

Current price action remains near the upper boundary, indicating sustained pressure from buyers. The latest data from CoinMarketCap showed Bitcoin trading at $124,309.66 with a daily gain of 0.8% and a market capitalization of $2.47 trillion. Daily trading volume reached $54.19 billion, with stable liquidity conditions across major exchanges.

Market Positioning and On-Chain Support

According to on-chain data from CryptoQuant, Bitcoin’s exchange reserves dropped to around 2.4 million BTC, the lowest in six years. This decline in available supply aligns with accumulation trends, as long-term holders continue reducing selling pressure

Source: KamranAsghar(X)

Spot Bitcoin ETFs recorded $3.3 billion in inflows last week, signaling growing institutional participation. Kamran Asghar’s chart analysis indicated that Bitcoin’s weekly structure is painting a roadmap toward higher Fibonacci extensions, including $140,000, $180,000, and $200,000 targets

As long as Bitcoin maintains support above $120,000 and continues forming higher lows, analysts expect the upward trend to remain intact. Bitcoin has developed the technical strength, decline in supply, and institutional inflows, which makes the asset poised at possible growth to a higher range of over $125,000 in the next sessions.

The post Bitcoin Breaks Channel Resistance Near $124K as Analysts Map the Next Major Price Targets appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.