Bitcoin Records Historic Weekly Close as Analysts Track Bullish Momentum
Bitcoin has achieved a major market milestone by recording its highest weekly closing price to date, settling at roughly $123,500. This marks a decisive moment in the cryptocurrency’s ongoing rally, signaling the start of a new price discovery phase that could shape market behavior in the weeks ahead.
The digital asset ended the week just under its recently established all-time high of $125,800, a level reached during a period of intensified market activity and strong investor confidence. This achievement has placed Bitcoin firmly back into the spotlight, as traders, institutional participants, and analysts assess whether current bullish conditions can propel the asset toward new record levels.
Bitcoin one-week chart. Source: Cointelegraph/TradingView
Market analysts note that Bitcoin’s steady climb over the past several weeks has been supported by a combination of technical strength, improved liquidity, and renewed optimism in broader financial markets. The record close reflects the growing conviction among buyers, who appear willing to defend key support zones and continue accumulating despite occasional intraday pullbacks.
This latest development comes at a time when global financial markets are paying increased attention to risk assets, including cryptocurrencies, amid shifting macroeconomic signals and evolving regulatory landscapes. Bitcoin’s ability to maintain strong momentum during this environment has reinforced its status as a leading indicator of sentiment within the digital asset sector.
As the new trading week begins, analysts are paying close attention to three crucial data points — a mix of on-chain metrics and futures market indicators — that are considered essential for understanding the current strength of the rally. These charts offer valuable insight into whether the market’s bullish momentum has further room to expand or if a cooling-off period may be on the horizon.
Market Structure Shows Strong Momentum Around $123,000
Bitcoin’s current price behavior is showing signs of sustained bullish strength, particularly around the $123,000 range, where market structure appears to be holding firm. Technical analysts highlight that the asset has been consistently testing the upper boundary of the 21-day Donchian channel — a widely used indicator that tracks price breakouts and trend continuation. This suggests that buyers remain in control of short-term market direction, supporting the view that the recent rally has not yet lost steam.
Momentum indicators also point toward a market environment where upward movement is dominant but still measured. While some brief pullbacks have occurred, these have been relatively controlled, indicating that the majority of traders remain confident in the broader uptrend. Many analysts believe that the real test lies ahead, particularly as Bitcoin approaches the critical resistance zone between $125,000 and $126,000, where price action could determine whether the asset continues to set new highs or enters a consolidation phase.
Bitcoin short-term outlook scenarios. Source: Cointelegraph/TradingView
Traders are closely observing how Bitcoin reacts to this price level, as a decisive break above resistance could trigger another leg up, potentially leading to a new all-time high. Conversely, failure to maintain momentum in this zone may lead to a short-term retracement, giving the market a chance to reset before making another upward attempt.
Despite these short-term fluctuations, the overall tone among bullish traders remains positive. Many see the current consolidation as healthy and necessary, particularly after such a strong rally. A steady base formation around this level could help reduce volatility and strengthen market structure, paving the way for a more sustainable long-term climb.
Source: Cointelegraph Edited by Sonarx