- Bitcoin breaks $109K with rising volume, setting sights on $118K as the next key resistance.
- Support between $108K–$109K holds firm, forming a base for potential upward continuation.
- RSI remains neutral, suggesting Bitcoin has room to climb toward $120K without being overbought.
Bitcoin is trading above $109,000, showing renewed strength on the daily chart. The price movement follows a period of consolidation, and analysts believe that a confirmed close above this level could lead to further gains. Despite broader market conditions, the short-term setup on the daily timeframe remains constructive.
Break Above $109,000 Opens New Price Targets
Bitcoin is currently priced at $109,569.36, reflecting a 1.71% daily increase. According to Ali Charts, “A daily close above $109,000 could open the door to a rally toward $118,000.” This level has acted as a resistance zone, and the recent move above it is being closely watched by traders.
The chart shows that Bitcoin has broken past a consolidation pattern supported by higher lows, which indicates steady demand. The 24-hour trading volume has grown to $54.97 billion, showing an 18.08% increase and adding strength to the breakout. The volume-to-market cap ratio now stands at 2.53%, supporting active trading behavior.
Analysts have identified $118,000 as the next key resistance based on historical price behavior and Fibonacci levels. If this area is tested and cleared, further upside toward $120,000 may follow. The fully diluted valuation currently stands at $2.3 trillion, while the market cap is at $2.17 trillion.
Market Structure and Support Zones Maintain Bullish Setup
Bitcoin’s price has stayed above the $109,000 breakout level, with support forming between $108,000 and $109,000. This zone is important for maintaining current momentum and could act as a launchpad for future movement.
According to LLuciano_BTC, “BTC is aiming for a historic breakout,” with $120,000 now on watch as a key psychological target. The Relative Strength Index remains neutral, suggesting there is still room for upward movement without overheating.
In the past 24 hours, Bitcoin has proven to be quite resilient and strong due to the accumulating volume and positive price structure. As market participants pay close attention to daily close, a sustained hold above the $109,000 mark may lead to extended gains.
