Bitcoin News Today: Bitcoin Surges 6.14% Testing Cycle Top at $117,696.35

Bitcoin is currently testing the upper boundary of its long-term ascending channel, a level that has historically marked cycle tops in previous years. The cryptocurrency is trading at approximately $117,696.35, reflecting a 6.14% gain over the past week. This price action signals a potential breakout, as volume and market structure align favorably.

According to analysis by Merlijn The Trader, Bitcoin has reached a historic resistance zone that was last touched in 2021. The ascending channel, which has contained all previous cycle highs since 2017, is now being tested again. This time, the price is rising within a tightening wedge, a formation that has been gradually developing since mid-2022. The wedge is characterized by higher lows, supporting the uptrend and creating conditions for a potential breakout.

Bitcoin broke above the $115,000 mark earlier this week and has maintained its position above this level, indicating consistent demand. The price is currently trading within a range of $110,880 to $122,500, reflecting increased intraday activity. The neckline resistance sits near the upper channel, adding to the significance of the current price levels.

Volume, structure, and supply metrics all point to a breakout setup. Bitcoin’s 24-hour trading volume is recorded at $72.64 billion, with a slight decrease from the previous session. However, the volume-to-market cap ratio stands at 3.14%, indicating steady liquidity. The market capitalization is at $2.34 trillion, while the fully diluted valuation reaches $2.47 trillion. The total and circulating supply is 19.89 million BTC, nearing the 21 million cap. Bitcoin has remained above its 50-day and 200-day moving averages, with the technical structure favoring a continuation.

Price movement on July 13 showed a sharp upward spike, followed by steady action near the wedge resistance. The current structure suggests that Bitcoin is compressing within a final squeeze. If the price breaks above the channel top with strong confirmation, chart projections show targets extending toward the $260,000 range. Traders are closely watching daily closes to validate the next phase of this setup, with the $122,500 level being a critical point of interest.