• Bitcoin is pushing toward $120K with volume backing the move, while its structure builds toward the $184,181 cycle extension.
• Every major Bitcoin cycle has topped near a 5.618 extension, and this one now points directly to $184,181.
• Over 400,000 BTC are now held by governments, fueling Bitcoin’s momentum and strengthening its climb toward macro resistance.

Bitcoin is gaining pace both technically and structurally, reclaiming strength after breaking out past $116,000. Institutional and sovereign accumulation have intensified, while historical extensions now align with a $184,181 top.

Structural Compression Points to a Critical Upside Pivot

Bitcoin is currently coiling below macro resistance, holding strength near $116,267. This phase reflects a directional squeeze. All indicators now converge, pushing Bitcoin toward a major cycle decision with $120K as the immediate target.

After reviewing Bitcoin’s macro formation, CryptoCon identified the 5.618 Fibonacci extension as a recurring cycle peak marker. According to him, Bitcoin peaked around $30.84 in 2011, then increased to $1,205 in 2013, $18,702 in 2017, and $63,839 in 2021. He added that each of those tops aligned with the same extension model, confirming a repeated market rhythm.

No matter where you look, the next step for Bitcoin seems to be between 170 and 180k.

Using a 5.618 extension from the earliest move of the cycle has given us almost pinpoint accuracy for previous cycle tops.

This time, the golden number is $184,181.

All the boring price… pic.twitter.com/TJ4ua89IR2

— CryptoCon (@CryptoCon_) July 10, 2025

At this stage of the structure, CryptoCon also noted that Bitcoin is approaching the $184,181 projected top for this current cycle. He believes that Bitcoin’s recent range has formed beneath resistance with tightening volatility and stronger higher lows. That price action is signaling a buildup, not a breakdown.

Institutional Pressure Sparks Breakout Momentum

Bitcoin has reclaimed short-term momentum on the hourly chart, forming a bullish W-structure and pressing toward $120,049.61. Volume has confirmed strength behind the move, with breakout conviction present.

Looking at the recent rally, Emilio Bojan reported that Bitcoin jumped +2.44% in one session, with a volume spike of 4.71K BTC. He stated that Bitcoin opened at $113,493.16 and surged past $116,868.00, setting a fresh weekly high. He also explained that this came after a textbook reversal structure printed between July 4 and July 9.

More importantly, sovereign holdings are growing. Emilio Bojan confirmed that the United States holds 207,189 BTC, China holds 194,000 BTC, and El Salvador’s reserve now tops $700 million. He added that South Korea’s K Wave Media committed $1 billion toward its Bitcoin treasury strategy.

With historical patterns pointing to $184,181 and accumulation driving momentum, Bitcoin now faces a high-pressure scenario. Will Bitcoin break above $120K and stretch toward the extension zone? Or does this compression phase stall again? The market is watching closely-Bitcoin has entered a defining moment.