Bitcoin News Today: Bitcoin Hovers Near 118K As Traders Watch For Breakout Signal

Bitcoin is currently consolidating within a defined price channel near the $118,000 level, with traders and analysts closely monitoring for signs of a breakout. Recent price action has shown repeated tests of the lower boundary, followed by rebounds toward higher resistance levels, suggesting a short-term bullish bias. The 118K resistance is a critical threshold, having historically acted as a ceiling for Bitcoin. A confirmed breakout above this level—marked by sustained buying pressure and increased volume—could reignite bullish momentum and lead to further price appreciation [1].

Technical indicators such as the Relative Strength Index (RSI) and on-chain volume patterns are showing early signs of strengthening bullish sentiment. A bullish pennant pattern has emerged on the 3-day chart, which, if confirmed, could serve as a catalyst for a price surge toward $150,000, provided the $115,000 support level holds [2]. Liquidity clusters above $119,000 suggest that the next key resistance levels are likely to be around $120,000 and $123,000. A successful breakout above 118K could set the stage for a test of $125,000, according to some analysts [3].

However, failure to break above 118K may result in a pullback to the $114,800 support zone, which is now under close scrutiny by market participants [3]. The current consolidation is occurring against a broader bullish backdrop, with Bitcoin maintaining a position above its 55-day moving average, reinforcing the potential for a continuation of the uptrend.

Real-time perpetual futures data from major exchanges like Binance is being used by traders to track price movements and anticipate shifts in market sentiment [4]. The recent price action reflects a larger period of consolidation over the past weekend, with Bitcoin retesting key resistance levels as part of a broader bearish momentum trend observed in July [5].

While some forecasts suggest Bitcoin could move toward $150,000, it is crucial to differentiate between analyst projections and actual market movement. Until a clean breakout above 118K is confirmed, these predictions remain speculative [2]. The market now stands at a pivotal moment, where technical signals and on-chain activity will be key in determining the next major price direction.

Source:

[1] Blockonomi, Bitcoin Traders Brace for a Volatility Squeeze as BTC Price Hovers Near 118K (https://blockonomi.com/bitcoin-traders-brace-for-a-volatility-squeeze-as-btc-price-hovers-near-118k/)

[2] BeInCrypto, Bitcoin Price: $150000 Dream Hinges on One Bullish Pattern (https://beincrypto.com/bitcoin-price-150000-bullish-pattern/)

[3] TradingView, Ideas and Forecasts on Cryptocurrencies (https://in.tradingview.com/markets/cryptocurrencies/ideas/)

[4] Coinalyze, BTC/USD Perpetual Binance Live Price Chart (https://coinalyze.net/bitcoin/usd/binance/btcusd_perp/price-chart-live/)

[5] TikTok, Bitcoin closed the month of July with bearish momentum... (https://www.tiktok.com/@tylerforex92/photo/753363177****397637)