Analyst: Bitcoin Could Hit All-Time High if It Breaks $120,000 Resistance
By: theblockbeats.news|2025/07/30 18:52:22
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BlockBeats News, July 30th, according to Cointelegraph's report, 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 open the door for Bitcoin to rapidly set a new all-time high.
Glassnode stated in its latest report: "Once the breakout of this area is confirmed, the market structure may change, and the $141,000 region will become a focal point, corresponding precisely to the position two standard deviations above the price realized by short-term holders (STH), which is a critical on-chain metric indicating an intensification of profit-taking behavior. Another key level to watch is $125,000, representing the position one standard deviation above the cost basis of short-term holders (STH)."
On the downside, traders should pay attention to Bitcoin's STH cost basis of around $105,400 and the year's opening price of around $93,000, with both positions roughly corresponding to one standard deviation below the STH cost basis. Meanwhile, analyst Killa indicated that the $114,000 to $116,000 range is a key area of focus. The Bitcoin price may briefly drop below this range, fill the reasonable gap value at $112,000, and then stabilize and rebound.
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