Bitcoin continues to lead the crypto market’s upward charge, having broken above the $120,000 mark and setting new all-time highs last week.
This week, Ethereum and a range of altcoins followed suit, with ETH posting notable gains despite still trailing its peak price levels.
Market analysts are now focused on whether this bullish momentum can be sustained. According to Glassnode, a leading on-chain analytics firm, Bitcoin’s breakout past $120,000 is more than just psychological—it also represents a key technical level.
Glassnode’s latest data reveals that short-term BTC holders are now sitting on profits that exceed the average cost basis by over one standard deviation, placing the current trend firmly in bullish territory. Historically, this $120,000 region has acted as a major resistance point during strong rallies.
If the current momentum holds, analysts suggest that Bitcoin’s next major resistance could be found near $136,000, corresponding to the +2 standard deviation range—a level that has often capped previous surges during parabolic uptrends.
