Bitcoin (BTC) Holds Firm at 120-Day Peaks

Bitcoin (BTC) price climbed to a 120-day high of $103,890 on Friday, propelled by favorable macro conditions and renewed institutional appetite.

Bitcoin price is firm above $103,000 as BlackRock's crypto ETF discussions with the SEC spark speculation of a long-term rally toward $120,000.

Bitcoin (BTC) price has climbed to a 120-day high of $103,890 as favorable macro conditions and renewed institutional interest keep the crypto market in upbeat territory.

While multiple rejections at $105,000 have stalled BTC price's ascent, the cryptocurrency is maintaining a floor above $102,500, showcasing persistent buyer interest.

As seen in the chart by Coingecko, short-term traders appear to be rotating into altcoins after a substantial rally, leaving long-term holders largely inactive, highlighting their belief in Bitcoin's upside potential.

This consolidation range is also noteworthy for the higher volume and stability compared to earlier periods, with a compression in volatility hinting at an upcoming directional move.

With broader market sentiment still risk-on and macro liquidity expectations improving, the stage is set for a push toward $120,000 if the final regulatory pieces fall into place.

BlackRock met with the SEC to discuss including staking and options

In a significant development, BlackRock engaged with the U.S. Securities and Exchange Commission to discuss integrating staking and options trading into future crypto ETF structures.

The meeting focused on enabling passive yield through staking rewards within regulated ETF frameworks and highlighted the technical feasibility of offering options on these funds.

Despite the SEC's previous rejection of several spot Bitcoin ETF applications, particularly those from Cathie Wood's ARK Invest, which focused on a "basket of coins" approach, BlackRock's involvement might influence a different outcome.

Moreover, the world's largest asset manager is also seeking approval for an ETF that tracks the performance of the Global X Bitcoin Revenue Trust, a unique structure focused on Bitcoin mining companies' revenue.

If approved, these groundbreaking ETFs could provide passive yield to holders and facilitate broader hedging and speculation by corporate and institutional players through options-based ETFs.

Such innovations could attract massive inflows, potentially pushing Bitcoin price beyond its previous all-time highs at $107,000.

Bitcoin price forecast today: $120,000 breakout in sight if momentum stays above $103K

Bitcoin price forecast today continues to be bullish as BTC consolidates above $103,000, setting it up for a breakout from the falling wedge pattern towards the $112,000 price target.

As seen in the price chart by Bollinger Bands, BTC price remains above the midline of the indicator at $103,109 and the lower support boundary at $95,833, highlighting a strong short-term trend.

The recent series of higher closes, including Friday's finish at $103,243, shows persistent buying pressure despite overbought signals appearing on the Relative Strength Index, which is now at 75.07.

The stability in trading volume is crucial as it shows that despite the recent price rally, profit-taking remains minimal, especially with institutional interest in cryptocurrencies continuing to increase.

The bullish Bitcoin price forecast today is further supported by the RSI remaining above the overbought levels of 70 for the third session, which indicates sustained momentum rather than immediate exhaustion.

However, any decisive move lower and close below $102,000, especially with increasing volume, could invalidate the breakout and invite retests towards the $95,000 support zone.

Until then, the bias remains bullish, with $112,000 to $120,000 as a realistic upside price target if macro and ETF-related tailwinds align.

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News data source: kdj.com

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