6 Reasons Behind Bitcoin’s Surge to Uncharted Territory: Can They Push BTC Even Higher?

After going on an impressive run to close the week, the Bitcoin price has become relatively steady over this weekend. The premier cryptocurrency has shown some signs of indecision and continued to move sideways within the $117,000 and $118,000 range.

According to a prominent online pundit, the Bitcoin price might be at a critical juncture that could decide its future over the next few weeks. Insights from a technical analysis model suggest that the price of BTC might run up to an unprecedented high of $143,000 once it overcomes the next resistance level.

BTC Needs To Break This Resistance Level To Continue Rally

In a July 12 post on social media platform X, Alphractal founder & CEO Joao Wedson revealed that the Bitcoin price faces significant resistance between $118,900 and $120,000. This price evaluation is based on the Bitcoin Power Law model, which provides a mathematical description of BTC’s historical price trends.

The Bitcoin Power Law model estimates the network effect and adoption curve without speculation. Using this framework, the pricing model provides long-term support and resistance levels or “bands” on the Bitcoin price chart.

Wedson revealed that the Power Law model indicates that the Bitcoin price faces significant resistance between the $118,900 and $120,000 region. According to the on-chain analyst, the market needs to breach the Alpha Price — which lies somewhere around $119,300.

For context, the Alpha Price refers to a major inflection point in the Power Law model and a level that the Bitcoin price needs to break and stay above to enter the next significant phase of the bull cycle. In essence, the BTC price must witness a sustained break above $119,300 to continue its rally.

Wedson mentioned that the price of BTC will need to show resilience in order to breach the psychological $120,000 level. However, it might need to consolidate first and perhaps take some long traders out of the market before overcoming the $120,000 level, the on-chain analyst noted.

According to Wedson, a sustained breach of the $120,000 level will signal the beginning of an even much bigger rally for the market leader. The on-chain analyst put the target for this rally at between $143,000 and $146,000, marking the Bitcoin price top in this cycle.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $117,530, reflecting no significant movement in the past 24 hours. Nevertheless, the flagship cryptocurrency is up by nearly 9% on the weekly timeframe.

TL;DR

Cardano $ADA is breaking through a key resistance level, opening the door for a rally to $0.90–$1.20! pic.twitter.com/4dj8jQfJFN

— Ali (@ali_charts) July 13, 2025

This important resistance that could hinder ADA’s progress is situated somewhere around $0.74, a level the asset is very familiar with, as it managed to contain its price ascent earlier this year.

ADA managed to breach it briefly during theFriday price surgethat drove it to a two-and-a-half-month high of almost $0.78, but the bears quickly regrouped and didn’t allow a decisive closure above it.

In fact, the last time Cardano’s token traded sustainably above $0.74 was in mid-May. Since then, the asset underwent a substantial correction that drove it down to $0.5 at one point.

Nevertheless, ADA is still the top performer on a weekly scale from the 12 largest cryptocurrencies by market cap, having gained almost 30%. Thus, it has increased more thanXRP(26%) and HYPE (22%).

This impressive price surge comes just a few weeks after IOGproposedthat the treasury would trade $100 million worth of ADA for BTC and stablecoins to enhance the blockchain’s DeFi ecosystem. The move met immediate resistance from some members, who claimed that it could lead to a more painful sell-off and price declines.

Charles Hoskinson was quick to mock the naysayers after ADA surged past $0.7 and became a top performer.

Remember when we were told that a 100 million dollar trade of ada would collapse the price? https://t.co/kYm5CKw97O pic.twitter.com/tPZiROv37i

— Charles Hoskinson (@IOHK_Charles) July 11, 2025

Bitcoin is testing uncharted territory after breaking past its previous all-time high of $112,000 last Thursday, igniting a powerful new phase in the bull market. With the price currently hovering above $117,000, bulls are firmly in control as optimism spreads across the crypto market. The breakout comes after weeks of tight consolidation, signaling renewed confidence among investors and traders.

On-chain data from CryptoQuant adds further support to the bullish narrative. The Coin Days Destroyed (CDD) metric—used to assess whether long-term holders are selling—has returned to a relatively low average despite the rise in price. This suggests that experienced holders are not offloading their positions, but instead continuing to hold through the rally.

With long-term holders largely inactive and momentum accelerating, Bitcoin appears to be entering a decisive phase. As macroeconomic conditions remain favorable for risk assets, and with institutional demand rising, all eyes are now on how BTC behaves at these new highs—and whether the rest of the crypto market will follow its lead.

Bitcoin Prepares For A Massive Surge

Bitcoin continues to trade above key psychological and technical levels, signaling that the market is entering an expansion phase with the potential for a massive surge. After clearing its previous all-time high and consolidating around $117,000, Bitcoin’s structure looks increasingly bullish. Analysts and traders are closely watching on-chain indicators to confirm whether long-term holders are beginning to exit, but so far, the data suggests they are not.

Top analyst Darkfost shared relevant insights regarding the Coin Days Destroyed (CDD) metric, a key tool used to assess long-term holder activity. CDD calculates how long a Bitcoin stays unmoved before a transfer, revealing long-term participants’ behavior. Recently, the metric saw a sharp spike, raising initial concerns about possible distribution. However, it was later confirmed that the move involved 80,000 BTC in an internal transfer — no actual selling occurred.

Since that event, the CDD has returned to its previous low range, especially when compared to Bitcoin’s soaring price. This signals that long-term holders are still sitting tight, showing no urgency to sell into strength. Their conviction reflects growing expectations of higher prices ahead, supported by macro conditions, increasing adoption, and rising institutional interest.

With strong hands holding firm and momentum building, Bitcoin appears poised for continuation. As long as key support levels are maintained and long-term holders remain inactive, the setup favors an explosive move that could redefine price discovery in this cycle.

Price Discovery Kicks In: Momentum Accelerates

Bitcoin’s three‑day chart shows a textbook breakout from eight weeks of compression. Thursday’s candle closed firmly above the former record cluster at $109,300, opening the door for a vertical push that carried price to $118,800 on the very next print. The candle body towers well above the 50‑period SMA, while the 100‑ and 200‑period averages slope higher beneath, confirming a bullish long‑term structure.

The old resistance band between $105,000 and $109,300 now flips into first demand; any orderly retest that wicks into that zone would likely attract sidelined buyers. Below it, $103,600—the mid‑range support that capped drawdowns all spring—remains the line in the sand for the current trend.

Upside projections derive from the height of the year‑long range (~$15 k). Adding that measure to the breakout point targets $124–125 k as the next logical objective, with the psychological $120 k round number a potential interim stall area. Momentum oscillators on medium time‑frames are stretched but not at extreme levels, suggesting room for continuation before a cooling period becomes necessary.

Featured image from Dall-E, chart from TradingView

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