BTC Breaks Above Channel Mid-Range as Traders Watch $130K Upper Boundary for Next Move

BTC breaks mid-channel at $121K with volume support, eyes upper boundary near $130K.

Weekly RSI nears breakout trendline, a level that previously triggered major BTC rallies.

OBV rises with price as BTC targets $130K, while support holds strong near $117K–$118K.

Bitcoin is maintaining strong bullish momentum after breaking above resistance within its ascending channel. With volume holding steady and indicators showing strength, traders are closely watching whether BTC can sustain this move and reach the upper boundary of the channel, potentially triggering a new leg higher.

Ascending Channel Structure and RSI Nearing Breakout

According to analysis prepared by Washingorira, Bitcoin has moved above the mid-range resistance of its ascending channel, currently trading at $121,945. This structure has been intact since earlier this year, with clear higher highs and higher lows supporting the ongoing trend. A close above $121,519 would confirm continuation toward the next resistance targets.

On the weekly chart, the Relative Strength Index (RSI) is approaching a descending trendline that has previously acted as resistance. A confirmed breakout above this RSI trendline would support the current price strength and align with prior momentum rallies observed on similar setups.

Historical data shows that when RSI broke above this trendline in the past, BTC experienced extended rallies. Traders are watching this level as a technical validation of trend strength, especially as price remains above all major moving averages.

Breakout Structure Aligns With Volume and Momentum Indicators

Bitcoin’s breakout above $108,000 invalidated the prior bearish setup and marked a new break of structure on the weekly Smart Money Concepts (SMC) chart, according to TradingView data. The price also reclaimed key liquidity levels, with volume-backed movement confirming strength

Source: CasAbbe(X)

On-Balance Volume (OBV) continues to climb in tandem with price, reinforcing bullish momentum. According to an analysis prepared by Cas Abbe, “BTC is going to hit $135,000 in Q3” if current momentum continues. He cited the weekly close above $107,700 as the key trigger

Following that, BTC rallied $10,000 within a week and shows no signs of slowing. Bitcoin’s short-term support now sits between $117,109 and $118,200. As long as these levels hold, traders may expect continued movement toward the channel’s upper boundary near $130,000.

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