The world’s largest cryptocurrency is now trading at $118,651, holding strong gains after clearing the $117,000 barrier.

On-chain data suggests this breakout could pave the way for a move toward $139,000. According to analyst Ali, Bitcoin’s surge beyond $117,000 has placed it firmly within the next pricing band, with historical patterns indicating that the upper target now sits near $139K.

Liquidations Fuel the Breakout

Crypto Rover, another closely followed analyst, highlighted that the move coincided with a liquidity grab in the $118K–$120K region, where a significant cluster of short positions was liquidated. “Bitcoin is squeezing out all of the bears now,” Rover said, pointing to heatmap data showing the liquidation levels being cleared.

Technical Setup Points to More Upside

A weekly chart retest shows Bitcoin bouncing cleanly from a prior resistance zone, which has now flipped into support. Analysts describe this as a “perfect retest,” reinforcing the idea that Bitcoin may have built a strong foundation for its next rally.

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Meanwhile, momentum indicators show renewed strength. The daily RSI sits above 63, signaling positive momentum without yet entering the overheated zone. Traders are watching closely to see whether Bitcoin can maintain its footing above $118K and extend toward higher targets.

With multiple resistance levels now cleared, Bitcoin’s market structure suggests the rally could continue into the final quarter of 2025, with eyes set firmly on $139,000 as the next milestone.

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