Last Friday, I noted that Bitcoin had touched the $115,000 level, and during today's Asian trading session, we already saw a test of the resistance near $119,800. This highlights a clear formation of support around $115,000, which will serve as a key reference point for many traders in the near term. The upper boundary of the channel is located near the $123,000 mark.

Fundamental factors also continue to influence Bitcoin's momentum. The strengthening of institutional interest, growing adoption by major corporations, and positive regulatory news are all boosting trust in digital assets. For example, Metaplanet has purchased an additional 780 BTC for approximately $92.5 million, showing continued optimism about Bitcoin's future. Metaplanet CEO Simon Gerovich stated that the company acquired all of its Bitcoin at an average price of $101,030 per BTC. According to Bitcointreasuries, Metaplanet now ranks as the seventh-largest corporate holder of Bitcoin globally, with total holdings of 17,132 BTC.

As for fund inflows, recent data shows that by the end of last week, US spot Bitcoin ETFs recorded a net inflow of $226.6 million, ending a three-day streak of outflows. On Thursday, the ETF with the highest inflow was Fidelity's FBTC, with $106.6 million, followed by VanEck's HODL with $46.4 million, according to SoSoValue. BlackRock's IBIT, the largest spot Bitcoin ETF by net assets, also attracted $32.5 million. Bitwise, Grayscale, and Franklin Templeton ETFs likewise reported inflows.

Spot Ethereum ETFs also recorded strong inflows, totaling $231.2 million and extending their streak to 15 consecutive days.

In the short term, traders should rely on technical indicators and key support/resistance levels. In the long term, Bitcoin's success will depend on its ability to maintain value and remain attractive as an alternative asset. Investors should always consider portfolio diversification and risk management when investing in cryptocurrencies.

Trading recommendations:

Buyers of BTC are now aiming to reclaim the $120,400 level, which opens the path to $122,000 with the $123,900 level within reach. The ultimate target is the $126,000 high, a breakout above which would signal a strengthening bull market. If Bitcoin falls, buyers are expected around the $118,800 level. A drop below this area could drag BTC toward $117,200, with the furthest target being $115,900.

What we see on the chart:

• Red lines indicate support and resistance levels where prices may either slow or accelerate.
• Green line represents the 50-day moving average.
• Blue line is the 100-day moving average.
• Light green line shows the 200-day moving average.

Crossing or testing moving averages often halts price action or sets a new market impulse.