Bitcoin breakout looms as bulls target $120K

• Bitcoin 5% off ATH, bullish flag on weekly chart
• Price nears channel top, $109K breakout in sight
• Brief dip under $100K; support held during geopolitical tensions
• Crypto regulatory advancements
• Bulls target $109K–$120K, bears eye $95K–$105K

Did you know? Bitcoin is now just 5% away from reclaiming its all-time high.

The cryptocurrency is trading within a downward-sloping channel and is less than 2% away from testing key channel resistance.

This level drawn from the all-time high reached on May 22, 2025 has been tested multiple times, reinforcing its importance.

Geopolitical tensions briefly pushed Bitcoin below $100,000 for the first time since May 8, driven by fears of escalation in the Middle East. However, the price found firm support at the lower trendline of the channel, signaling resilience.

On the weekly chart, Bitcoin is forming a bullish flag pattern, often a precursor to a continuation breakout.

A breakout from this pattern could target $143,615, representing over 30% upside from current levels.

Fundamental Tailwinds Supporting the Rally

U.S. Stablecoin Legislation advanced On June 18, the U.S. Senate passed the Fast Genius Act with a 68–30 vote. The bill, seen as a milestone for stablecoin regulation, now moves to the House and may soon reach President Trump's desk.

Japan Considers Redefining Crypto Assets Japan’s Financial Services Agency will meet on June 25 to consider recognizing crypto under the Financial Instruments and Exchange Act (FIEA). This could establish one of the most comprehensive regulatory frameworks in the cryptosphere.

Growing ETF Optimism Bloomberg analysts now project a 90% chance of spot crypto ETF approvals for Bitcoin, Solana, XRP, Dogecoin, and Cardano—a potential shift for institutional participation.

Momentum is building, and multiple macro factors are aligning in Bitcoin's favor. However, volatility driven by geopolitical developments could still lead to sharp price swings.

Key potential levels to watch



Bullish:

$109,335 – Resistance at the top of the downward-sloping channel

$120,000 – Significant round-number resistance

$123,456 – Bullish flag breakout target (as seen on the weekly time frame)

Bearish:

$105,322.98 – Confluence of the 21-day and 50-day SMA

$98,642.18 – Support at the lower bound of the channel

$95,991.30 – 200-day SMA, a key long-term support zone