Analyst: If Bitcoin breaks through the resistance level of $120,000, it is expected to set a new historical high.

BlockBeats news, on July 30, according to Cointelegraph, currently, $120,000 is the key resistance level for Bitcoin that traders are following. Multiple analysts believe that if there is significant buying pressure pushing the price above this level, it will open the channel for Bitcoin to quickly set a new historical high. Glassnode stated in its latest report: "Once a breakthrough in this area is confirmed, the market structure may change, and the $141,000 area will become the focal point, which corresponds precisely to the position two standard deviations above the price realized by short-term holders (STH). This is a key on-chain indicator showing that profit-taking behavior may significantly intensify in this area. Another key level to watch is $125,000, which represents a position one standard deviation above the cost basis of short-term holders (STH). "On the downside, traders should pay attention to the STH cost basis of Bitcoin at around $105,400 and the year-to-date opening price of about $93,000, both of which roughly correspond to one standard deviation below the STH cost basis. Meanwhile, analyst Killa noted that the range of $114,000 to $116,000 is a key area of focus. The price of Bitcoin may briefly fall below this range and stabilize after filling the reasonable gap value of $112,000 to rebound.