- Bitcoin confirms Bull Flag breakout, turning $120K into key support with trend continuation.
- New all-time high of $124,400 reached as trading volume surges over 31% in 24 hours.
- Institutional holdings hit records, with El Salvador’s BTC portfolio showing $468M unrealized profit.
Bitcoin has confirmed a breakout from the Bull Flag pattern, establishing $120,000 as a new support level. The move follows a sustained rally from early August lows near $112,000, supported by strong buying activity. Price action has maintained higher levels, and technical structure shows trend continuation with the potential to challenge fresh all-time highs.
Breakout Confirmation and Market Structure
According to analysis prepared by Rekt Capital, BTC/USD broke above the $120,019 resistance after a period of consolidation. The breakout pushed the price to $122,047, marking several consecutive daily gains and forming higher highs and higher lows.
Previous resistance near $118,000 acted as support during the rally, strengthening the bullish structure. Bitcoin rallied to $124,400, setting a new all-time high above the prior $123,091 recorded in July.
The daily trading volume rose 31.61% to $97.98 billion, with the market capitalization reaching $2.42 trillion. The circulating supply is reported at 19.9 million BTC, close to the maximum 21 million cap.
Market Drivers and Institutional Positions
Analysts are now factoring in a potential 25 basis points Federal Reserve rate cut in September, with U.S. Treasury Secretary Scott Bessent raised the possibility of a 50 basis points move. BitBull noted, “BTC hit a new ATH today.
A close above $120K will confirm the uptrend.” They added that such a move could push Bitcoin toward $130,000–$135,000 in Q3. El Salvador’s President Nayib Bukele stated that the country’s Bitcoin portfolio now shows over $468 million in unrealized profit.
Strategy’s Bitcoin holdings also reached a record $77.2 billion in value. A confirmed breakout above $120,000 positions Bitcoin for continued strength, with altcoins also gaining as market momentum accelerates.
