Bitcoin price approaches $120K again

While most people are enjoying their weekend, the crypto market is seeing plenty of action. Bitcoin is slowly climbing towards $120,000, while Ethereum is gaining even more momentum.

New peak triggers a quick correction

Bitcoin recently hit a new high, briefly spiking above $124,000. This move collected significant liquidity, followed by a sharp drop. The chart clearly shows how the rapid increase was met with a correction towards the first key support zone around $116,800. A potential retest seems to be underway there now.

The zone between $119,000 and $120,000 remains the key barrier that must be broken. Analyst Michaël van de Poppe states that a breakout above $120,000 is necessary to continue the uptrend. Until that level is cleared, there remains a risk of further decline.

#Bitcoin rallying up again during the weekend.

Good volatility on the markets, as $ETH is oging up evn more.

Crucially is that we get a breakout above $120K. pic.twitter.com/df34SiOkiQ

— Michaël van de Poppe (@CryptoMichNL) August 17, 2025

Ethereum takes the lead

Notably, Ethereum is currently outperforming Bitcoin. While BTC has gained 0.79% in the past 24 hours, ETH is up by 3.44%. Ethereum is now priced at $4,557.25, while Bitcoin trades around $118,687. The volumes also tell a story: $45.76 billion for BTC and $28.18 billion for ETH. The market is once again showing that typical volatility traders enjoy.

Those who have not entered yet are likely watching the next move closely. Will there be a breakout above $120,000 or will Bitcoin stay below this resistance for a while longer?

The coming days will be crucial. A clear breakout could push Bitcoin towards $124,000, but a rejection at resistance might trigger new selling pressure. Traders would be wise to monitor these zones closely.