Bitcoin Bulls Mount Strong Offensive as BTC Reclaims $120,000 Level
The world’s largest cryptocurrency, Bitcoin (BTC), is showing renewed strength as it reclaimed the $120,000 level, sparking fresh speculation about a potential push toward new all-time highs. After weeks of uncertainty and volatile swings, BTC has regained momentum, fueling optimism across the market. Traders and long-term holders alike are closely watching whether this rally can break decisively above the previous peak and confirm the continuation of the bull cycle.
However, not all analysts are convinced. Some caution that if Bitcoin fails to secure new highs soon, the market could face another wave of profit-taking, introducing downside risk just as bullish sentiment builds. The $125,000 zone is emerging as a critical resistance level that could determine BTC’s trajectory in the short term.
### Futures Buyers Step Up as Bitcoin Tests Highs
Top analyst Maartunn has highlighted one of the most important signals in the current rally: Bitcoin futures buyers are stepping up. Since the monthly open, taker buy volume has exceeded sell volume by nearly $1.8 billion, marking a significant imbalance in favor of aggressive buyers and signaling strong conviction in the futures market.
In crypto markets, such an imbalance often highlights a wave of long positioning, where traders use leverage to bet on further upside. This aggressive positioning comes at a pivotal moment, with Bitcoin consolidating above the $120,000 level. The surge in taker buy volume reflects a growing appetite to capture momentum as BTC edges closer to all-time highs.
Maartunn emphasizes that, while leveraged positioning can fuel sharp rallies, sustainable uptrends generally require confirmation from spot demand. Spot volume represents real capital flowing into the asset, and historically, bull runs supported by deep spot demand have proven more resilient.
That said, crypto history also shows exceptions. There have been instances where leverage-driven moves extended trends, forcing short squeezes and pushing prices higher even without robust spot inflows. If Bitcoin continues to attract aggressive long positioning, the market could see a rapid extension toward new highs, even before spot demand fully catches up.
For now, the imbalance in futures markets paints a picture of bullish conviction but also heightened risk. If momentum continues, leveraged longs could fuel Bitcoin’s push past $125,000. But should the move falter, cascading liquidations may bring volatility back into focus.
### BTC Price Analysis
At the time of writing, Bitcoin is trading at approximately $120,539, holding strong after reclaiming the critical $117,500 resistance level, which now acts as support. The 12-hour chart shows a sharp upward move from lows near $110,000, signaling renewed bullish momentum.
The breakout above both the 50-day and 100-day moving averages confirms strength, while the 200-day moving average remains well below, reinforcing the overall bullish structure.
The key test lies ahead at the $121,000–$122,000 zone, where BTC previously faced rejection in mid-August. A clean breakout above this level would open the door for a retest of all-time highs near $125,000. If bulls maintain momentum, this could signal the start of another aggressive leg higher.
On the downside, $117,500 has become the critical support level to watch. If Bitcoin falls back below this zone, the rally could lose steam, with potential retracement toward $114,000 and other mid-range supports.
Volume has picked up during this surge, strengthening the case for continued upside. However, an overextension in the short term cannot be ruled out, and traders should remain cautious.
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*Featured image from ChatGPT, chart from TradingView.com.*
https://bitcoinist.com/bitcoin-futures-buyer-step-up-taker-buy-volume-1-8b/