Bitcoin price is edging closer to new all-time highs, supported by a rise in open interest. With price action holding above key levels, the market structure remains firmly bullish.
Summary
- Bitcoin is testing $123,348 resistance, the last key barrier before new all-time highs.
- Channel structure remains bullish, with consecutive higher highs and higher lows.
- Open interest is rising, confirming demand and supporting the bullish continuation toward $131,000.
Bitcoin’s (BTC) momentum continues to build as price approaches the upper boundaries of its long-term trading channel. After defending the channel low in confluence with the point of control, BTC launched a rally into the $123,348 high-timeframe resistance zone. This region now stands as the final barrier before new all-time highs can be established.
With open interest rising in tandem with price, the move is being supported by healthy demand and increased market participation. Adding to this strength, Strategy’s Bitcoin holdings have climbed to $77.4 billion as BTC reclaimed the $120,000 level, underscoring confidence from major institutional players.
Bitcoin price key technical points
- Bitcoin is testing $123,348 high-timeframe resistance, the final barrier before new all-time highs.
- The channel structure remains intact with consecutive higher highs and higher lows.
- Rising open interest confirms strong demand, supporting the current bullish expansion.
The price structure of Bitcoin continues to respect its established trading channel. Each pivot, represented by key dollar levels on the chart, has maintained bullish structure. The most recent respect occurred at the channel low, which aligned with the point of control, creating the perfect launchpad for a bullish rally. This reaction propelled Bitcoin into the $123,348 resistance, a zone now critical to watch as the market prepares for a potential breakout.
If this resistance is reclaimed decisively, the market opens the door to a “blue sky breakout,” where price discovery will take Bitcoin into uncharted territory. Historically, such conditions result in heightened volatility as liquidity thins above all-time highs. The next logical target within the channel is the $131,000 region, aligning with the channel’s upper resistance.
Market structure continues to support this bullish scenario. The sequence of higher highs and higher lows remains intact, underscoring the strength of the uptrend. Each expansion has been followed by a healthy correction, keeping the trend sustainable. This controlled advance adds credibility to the idea that Bitcoin is not only rallying but also building a structurally sound foundation for continuation.
The increase in open interest is another confirming factor. As price climbs, the number of active positions in the market is also rising. This alignment between price appreciation and open interest expansion signals that the move is supported by genuine demand rather than short-term speculation alone.
In previous cycles, rising open interest in conjunction with bullish structure has been a precursor to strong continuation rallies.Reflecting this growing optimism, a major Wall Street bank has even projected that Bitcoin could climb as high as $231K, highlighting the scale of bullish expectations building in the market
What to expect in the coming price action
Bitcoin remains bullish across all technical perspectives: price structure, market structure, and open interest. A breakout above $123,348 would likely accelerate momentum toward $131,000, where channel resistance resides. With open interest rising, the setup favors continuation higher, though traders should anticipate increased volatility in blue sky territory.
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