Bitcoin price is nearing all-time highs, supported by rising open profits. Market structure remains firmly bullish with price action above key levels.
summary
- Bitcoin is testing resistance at $123,348. This is the last important barrier, the new all-time high barrier.
- The channel structure remains bullish with consecutive highs and higher lows.
- Open profits are increasing, confirming demand and supporting bullish continuation to $131,000.
Bitcoin (BTC) momentum continues to build as the price approaches the upper end of its long-term trading channel. After holding the channel low at its confluence with the point of control, BTC began rallying into the high timeframe resistance zone at $123,348. The region now stands as the final barrier before establishing a new all-time high.
This move is supported by healthy demand and increased participation in the market, as open interest increases in parallel with prices. Adding to this strength, the strategy’s Bitcoin holdings rose to $77.4 billion as BTC regained the $120,000 level, highlighting confidence from major institutional players.
Important technical points for Bitcoin price
- Bitcoin is testing high timeframe resistance at $123,348. This is the new all-time great final barrier.
- The channel structure remains intact with successive highs and higher lows.
- Increased open interest confirms strong demand and supports the current bullish expansion.
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BTCUSDT (1D) Chart, Source: TradingView
Bitcoin’s price structure continues to respect established trading channels. Each pivot, represented by a major dollar level on the chart, maintains a bullish structure. The recent respectability occurred in a channel low aligned with the point of control, creating the perfect launchpad for a bullish rally. This reaction propelled Bitcoin to the $123,348 resistance. This is an important zone to watch as the market prepares for a potential breakout.
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If this resistance is decisively recovered, the market opens the door to a “blue sky breakout” and price discovery takes Bitcoin into uncharted territory. Historically, such conditions result in a thin appearance of liquidity above all-time highs. The next logical target within the channel is the $131,000 region, which is in line with the upper resistance of the channel.
Market structure continues to support this bullish scenario. The sequence of highs and higher lows remains intact, highlighting the strength of the uptrend. Each expansion is followed by healthy modifications, making the trend sustainable. This controlled progress adds credibility to the idea that Bitcoin is not only rallying, but building a structurally sound foundation for continuation.
BTC Open Interest, Source: Coinglass
Increased open interest is another confirming factor. As prices rise, so does the number of active positions in the market. This alignment between rising prices and open profit expansion indicates that the move is supported by genuine demand, not just short-term speculation.
In previous cycles, increased open interest in combination with bullish structures portended a strong sustained rally. Reflecting this optimistic optimism, major Wall Street banks are even predicting that Bitcoin can rise as high as 231K.
What to expect in future price action
Bitcoin remains bullish from all technical perspectives: price structure, market structure, and open interest. A breakout above $123,348 could drive momentum to $131,000, where channel resistance exists. Traders should expect increased volatility in blue sky territory, but the setup will increase continuation as open interest increases.
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