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Bitcoin Holds $118,000 Support as On-Chain Models Point to $130K Milestone

Easing U.S.-China trade tensions coupled with record liquidity fuel expectations for Bitcoin to challenge mid-$120,000 resistance

Asia morning briefing: trump's e.u. tariff deal holds bitcoin near $119k
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Here is the bitcoin price level that could be an attractive entry point for btc bulls

Overview

  • Bitcoin has stabilized above its $118,000 support level and is targeting a breakout toward $127,000–$132,000.
  • Glassnode’s MVRV bands suggest the +1.0σ deviation near $130,000 as the next key resistance if Bitcoin sustains its current support zone.
  • The global M2 money supply reaching an all-time high has injected excess liquidity into markets, underpinning renewed appetite for crypto assets.
  • News of postponed U.S.-China tariffs has eased market nerves and helped Bitcoin reclaim key moving averages after recent institutional liquidations.
  • Analysts from Bitwise and Blockware say macro forces are overtaking halving cycles in driving Bitcoin’s growth, with long-term price forecasts ranging from $200,000 by 2025 to $1 million over the next decade.