Bitcoin prices are poised to surpass the $120,000 mark, with analysts citing technical indicators and a surge in spot buying volume. While recent Fed rate cut expectations have been pushed back, Bitcoin continues its upward momentum, fueled by real demand rather than leverage. Data shows an increase of $30 billion in Bitcoin’s Realized Cap, signaling growing conviction among investors. The market anticipates this bullish trend to continue if Bitcoin reclaims the crucial $108,000 level. A prominent analyst has predicted a breakout to $120k based on key resistance levels. Meanwhile, short liquidations loom near $5 billion as aggressive spot buyers drive up demand. Glassnode data reveals a sharp increase in Bitcoin’s spot volume this week, suggesting the market is primed for an upward move. Despite initial hopes fueled by cooling inflation and expectations of Fed rate cuts, market sentiment remains cautious, with analysts predicting further price consolidation before potential upside.