Bitcoin News Today: Bitcoin Breaks Descending Triangle with Elevated Volume, Targets $120K

Bitcoin has decisively broken out of a descending triangle pattern, a key technical signal that has ignited bullish momentum in the market. The breakout, confirmed by elevated trading volume, transformed a previously bearish structure into a catalyst for upward movement. Price surged above the triangle’s upper boundary and retested the $118,200 level, where it found firm support. This retest validated the breakout, with the horizontal demand zone now acting as a springboard for further gains [1]. The breakout’s strength is underscored by the fact that volume surged during the move, a critical indicator of conviction among buyers [2].

Technical indicators further reinforce the bullish narrative. Bitcoin’s price now sits firmly above the Ichimoku Cloud, a key reversal signal that suggests a shift in trend toward the upside. The green Kumo cloud, along with trendlines, has functioned as dynamic support during the retest, with the current candle remaining well above these levels. A bullish cross between price and the cloud solidifies the case for continuation, indicating that the upward trajectory is likely to persist [3].

Analysts highlight that the breakout aligns with broader market dynamics. According to @CarlBMenger, 6.5% of Bitcoin’s supply has been purchased above $115,000, signaling growing demand and aggressive accumulation [4]. This concentration of buying pressure suggests that institutional and retail investors are increasingly positioning for further gains, particularly as the price approaches psychological thresholds like $120,000.

Price targets are now in focus. If Bitcoin maintains support above $118,200, the immediate target of $120,000 becomes attainable. Success here could extend the rally to $122,500–$124,000, with the Ichimoku Cloud and key trendlines providing additional layers of confirmation [5]. However, a failure to hold the $118,200 level could trigger volatility, potentially forcing the price back into consolidation or even a breakdown below critical support. The market remains in a delicate balance, with bulls needing to defend the recent gains to sustain momentum [6].

Current data reflects a surge in market confidence. As of the latest update, Bitcoin traded at $118,287, supported by a 24-hour trading volume of $47.3 billion. This volume surge underscores the strength of the breakout and suggests that buyers are willing to absorb short-term fluctuations to maintain upward momentum [7]. On-chain metrics also indicate cautious optimism, with open interest and exchange volume showing mixed signals as traders adjust positions ahead of a potential directional move [8].

The macroeconomic backdrop adds complexity. A weaker U.S. Dollar Index (DXY), currently at 97.15—the lowest since mid-July—supports risk-on assets, indirectly benefiting Bitcoin as a hedge against inflation. However, Federal Reserve policy remains a wildcard, with speculation about a potential chairperson replacement in late 2024 or early 2025 introducing uncertainty [9]. Analysts emphasize that while Bitcoin’s technicals are robust, macroeconomic factors could influence the pace of its ascent.

Short-term traders are hedging their bets, with options data pointing to a pivotal clash at $120,000. A decisive close above this level could reignite a rally toward $123,300, with subsequent targets at $131,000 if trendlines flip into support. Conversely, a breakdown below $115,000 may trigger renewed bearish sentiment [10]. Long-term bulls, however, remain optimistic, citing structural demand drivers like institutional adoption, though geopolitical tensions, such as U.S.-China trade negotiations, could sway risk appetite [11].

The next 48 hours will be critical. A sustained move beyond $120,000 or a retest of $115,000 could define the short-term trajectory. Technical indicators, including the 4-hour Supertrend and Ichimoku cloud, remain in equilibrium, reflecting the market’s standoff between bullish and bearish forces. As volatility tightens, participants await a catalyst to tip the balance—a scenario that underscores Bitcoin’s ongoing struggle for clarity in a pivotal phase of its price action [12].

Sources:

[1] [Crypto Today: Bitcoin consolidates, Ethereum and XRP](https://www.mitrade.com/insights/news/live-news/article-3-977525-20250722)

[2] [Bitcoin Breaks Triangle Pattern, Targets $120K with Bullish Momentum](https://cryptonewsland.com/bitcoin-breaks-triangle-pattern-targets-120k/)

[3] [The Moon Show News and Blogs: Get Daily Crypto Insights](https://themoonshow.com/blog/)

[4] [PandoraTech (@impandoratech)](https://www.instagram.com/impandoratech/?hl=en)

[5] [36Crypto](https://coinmarketcap.com/community/articles/68823d858583a45a07d71365/)

[6] [Las noticias de hoy sobre criptomonedas](https://www.binance.com/es-AR/square/news/all)

[7] [Bitcoin Breaks Triangle Pattern, Targets $120K with Bullish Momentum](https://cryptonewsland.com/bitcoin-breaks-triangle-pattern-targets-120k/)

[8] [36Crypto](https://coinmarketcap.com/community/articles/68823d858583a45a07d71365/)

[9] [US Dollar Index extends downside to near 97.00 as traders ...](https://www.fxstreet.com/news/us-dollar-index-extends-downside-to-near-9700-as-traders-assess-new-trade-deal-202507240223)

[10] [36Crypto](https://coinmarketcap.com/community/articles/68823d858583a45a07d71365/)

[11] [36Crypto](https://coinmarketcap.com/community/articles/68823d858583a45a07d71365/)

[12] [36Crypto](https://coinmarketcap.com/community/articles/68823d858583a45a07d71365/)