Bitcoin (BTC) Price Analysis: The derivatives market is bullish, targeting the next step at $130,000.

Bitcoin (BTC) has officially broken through $120,000, reaching a high of $121,448 during the Asian session today (14th), once again setting a new peak, with no signs of slowing down in the pump. The technical indicators support further increases in Bitcoin, with momentum indicators remaining strong, and the price movement is firmly in a price discovery mode, with the next potential target above $130,000.

Bitcoin's next stop is 130,000 USD

The FXStreet team pointed out that Bitcoin entered the price discovery phase on July 9. Since then, as the king of cryptocurrencies, the price of Bitcoin has been rising all the way, approaching the target price of 120,000 USD, which is a key psychological milestone for traders. In the early session of the Asian trading period on Monday, the price of Bitcoin once broke through the peak of 119,999 USD, setting a new historical high, and this was the closest the asset has come to this milestone so far.

The two key momentum indicators on the daily chart indicate that Bitcoin's potential bullish momentum is strong, and BTC is expected to rise further. The Relative Strength Index (RSI) is at 76, and the Smoothed Moving Average Convergence Divergence (MACD) is flashing green bars above the neutral line.

The daily price chart for BTC/USDT shows that the next target price is $132,372, which is the 127.20% Fibonacci retracement level of Bitcoin's rise from the April low of $74,508 to the historical high of $119,999.

(Source: Trading View)

Bitcoin is currently 10% away from the next potential bullish target.

However, if Bitcoin faces a correction, it may continue to decline and find support near the lower limit of the fair value gap (FVG) at $115,222.

Derivative market data shows that as Bitcoin rises to new highs, $76 million in shorts were liquidated in the past 24 hours, and the long/short ratio (considered an indicator of derivative traders' bullish/bearish betting tendencies) exceeds 1.

This means that more derivatives traders are optimistic about Bitcoin and expect Bitcoin to rise further.