The Bitcoin market is at a critical moment, with several indicators showing it is challenging the important level of $130,000. From a technical perspective, the weekly chart has confirmed $120,000 as a solid support, while a golden cross and a healthy RSI structure have emerged, reminiscent of the situation when the bull run started at the end of 2020.

On-chain data is equally encouraging. The exchange Bitcoin balance ratio has dropped to 12%, hitting a new low since 2018, indicating that investors are inclined to hold long-term. Meanwhile, large holders (commonly known as 'whales') have increased their holdings by 47,000 Bitcoins in the recent week, marking the largest single-week inflow in nearly two years.

The macroeconomic environment has also provided support for Bitcoin. According to data from the Chicago Mercantile Exchange (CME), the market anticipates a 78% probability of an interest rate cut in September. Additionally, institutional investors, including BlackRock, have increased their holdings by 23% over the past month, reflecting a growing confidence in the cryptocurrency market.

However, investors still need to be vigilant about potential risks. The $130,000 price level corresponds exactly to the 1.618 Fibonacci retracement level, which may become a strong resistance. Additionally, the upcoming policy review period by the U.S. Securities and Exchange Commission (SEC) could bring a degree of uncertainty to the market. Sudden changes in the geopolitical situation are also factors that require close attention.

The market sentiment indicator shows a positive but cautious trend. The funding rate in the futures market remains at a rational level of 0.01%, indicating that the market is not overheating. The miner holding index suggests that selling pressure may have bottomed out, which is generally seen as a positive signal. Another noteworthy phenomenon is that USDT has increased its issuance by 5 billion USD in the past month, which may indicate that more funds are preparing to enter the cryptocurrency market.

Overall, Bitcoin is facing a crucial moment as it approaches the important threshold of $130,000. While several indicators show positive signals, investors must remain vigilant and closely monitor market trends and potential risk factors.