Bitcoin’s historic weekly close above $123,000 marks a definitive entry into price discovery territory, with multiple technical indicators suggesting sustained bullish momentum. Market analysts are closely tracking three critical chart formations that could determine BTC’s trajectory in the coming weeks.
On-chain metrics reveal robust network fundamentals, with exchange outflows accelerating and long-term holder positions reaching unprecedented levels. The futures market structure shows healthy open interest growth without excessive leverage, indicating organic institutional participation rather than speculative froth.
Technical analysts highlight Bitcoin’s successful retest of previous resistance-turned-support levels, with the weekly chart demonstrating clear upward channel consistency. The derivatives market maintains balanced funding rates despite the price surge, suggesting room for continued upward movement without immediate correction pressures.
Market participants are monitoring volume profile analysis and liquidity distribution patterns to identify potential resistance zones. The current technical setup, combined with strong underlying network metrics, presents a compelling case for continued bullish momentum in Bitcoin’s new price discovery phase.
