- Bitcoin confirms breakout from falling wedge, targeting $124K with strong technical support.
- Strategy now holds 607,770 BTC, while institutional demand continues to fuel bullish momentum.
- Hashrate hits 932 EH/s as BTC trades 2.88% below ATH, with volume up 32.82% in 24 hours.
Bitcoin has broken out of a bullish continuation pattern, signaling renewed strength in the ongoing trend. At the time of writing, BTC is trading at $118,775.37, up 0.56% in the last 24 hours. The breakout occurred from a falling wedge formation, a setup often associated with upward momentum.
Falling Wedge Breakout Signals Upside Continuation
The chart displays a falling wedge pattern that formed after a strong uptrend in Bitcoin’s price. This pattern is marked by descending support and resistance lines, showing compressing price movement over time. According to analysis prepared by Mags, the breakout indicates bullish continuation and targets levels above $124,000.
Volume remained stable during the consolidation phase, matching typical falling wedge characteristics. Following the breakout, price surged toward $119,500 before entering a minor correction. Captain Faibik confirmed that the breakout is visible on the 4-hour timeframe, adding that a new all-time high may soon follow.
Technical indicators remain aligned with bullish expectations. Bitcoin’s current price is just 2.88% below its all-time high of $123,091, recorded on July 13. The upward movement was supported by a 32.82% increase in daily trading volume, which reached $61.32 billion.
Institutional Activity and Network Strength Reinforce Momentum
Strategy Chairman Michael Saylor disclosed the firm’s current Bitcoin holdings at 607,770 BTC, now valued at $71.8 billion. The company has steadily accumulated BTC through regular purchases and capital raises. A recent IPO filing suggests Strategy may soon deploy additional capital to acquire more Bitcoin.
Institutional demand continues to grow, as MARA Holdings prepares an $850 million raise to add to its Bitcoin treasury. Bitcoin’s hashrate has also reached a new record of 932 EH/s, while network difficulty stands at 127.62T, indicating increasing security and miner confidence.
The global crypto market cap nears $4 trillion, and Bitcoin remains the leading driver. A confirmed breakout above current levels may bring BTC closer to $130,000, provided support at $110,000 holds.
