Bitcoin Eyes $120K as Miners Accumulate and Market Momentum Builds

Bitcoin has closed the week on a strong note, posting a 4% gain as institutional demand, miner accumulation, and technical factors align for a potential breakout.

Data from on-chain analytics platforms show that miners have been steadily increasing their BTC reserves rather than selling to exchanges, a signal that many in the industry interpret as long-term confidence. This behavior often precedes supply squeezes, creating upward pressure on price.

At the same time, spot Bitcoin ETFs continue to attract significant inflows, reinforcing the narrative that institutional players are driving the latest rally. The cryptocurrency’s market dominance has risen, as most altcoins remain in consolidation mode, leaving BTC as the primary focus for capital flows.

The $120K Question

Several market analysts are now eyeing $120,000 as the next major milestone. A move of just 10% from current levelscould trigger a massive short squeeze, with estimates suggesting that over $18 billion in short positions could be liquidated. Such a chain reaction might accelerate Bitcoin’s upward trajectory beyond initial targets.

However, traders warn that while momentum is building, volatility remains high. Any unexpected macroeconomic shock or regulatory announcement could trigger sharp pullbacks.

“We’re at a tipping point,” one market strategist noted. “If Bitcoin clears resistance convincingly, the next leg up could be explosive.”