Bitcoin (BTC) has surged past the critical $120,000 resistance level, achieving a new all-time high of $123,000 according to market data. Glassnode analytics identified the $120K threshold as +1 standard deviation above the short-term holder cost basis—a psychological barrier where profit-taking typically intensifies. The breakthrough signals potential for further gains toward $136,000, representing +2 standard deviations.
Institutional adoption, Bitcoin's 'digital gold' narrative, and the supply shock from April's halving event fueled the rally. However, warning signs emerge: the RSI hit 72.79 (overbought territory), open interest derivatives show leveraged positions unwinding, and prices now sit above the 95th percentile of cost-basis levels—historically triggering pullbacks. Despite these indicators, MACD momentum remains strongly bullish.
Analysts project two scenarios: a sustained rally to $136K if buying volume persists, or short-term consolidation/correction to digest gains. Risks include regulatory shifts, macroeconomic shocks, and whale profit-taking. Glassnode's on-chain metrics (SOPR, NUPL, exchange flows) suggest investors should monitor volume at key levels and manage risk exposure amid volatility.