Bitcoin News Today: Bitcoin breaks key wedge pattern signaling 4.3% rise toward $128,000

Bitcoin is demonstrating strong upward momentum as it clears key technical barriers, positioning itself for a potential advance toward $128,000 ahead of August. The cryptocurrency pushed above $118,000, invalidating a descending wedge pattern that had formed since mid-June, marked by horizontal compression and resistance lines [1]. This breakout confirms renewed bullish pressure and suggests continued strength in the near term.

The price now faces a critical resistance level near $123,182, which was previously identified as Bitcoin’s all-time high (ATH) zone. If bulls maintain control above this level, the next projected target is $128,000, a 4.3% increase from the current resistance [1]. This trajectory is supported by a breakout from an ascending trendline traced from June’s support levels and a decisive rejection of the $116,000–$117,000 range [1].

On the 4-hour Coinbase chart, BTC/USD reached an intraday high of $118,113, reinforcing the bullish momentum [1]. The breakout follows weeks of sideways consolidation and is further supported by a weekly breach of the 200-day simple moving average (SMA). The relative strength index (RSI) currently sits at 49, indicating neutral momentum with potential for further upward expansion.

Moderate trading volume has accompanied the price action, signaling a measured but steady buildup of buying interest. The chart also shows alignment with a previous high near $123,182, which could act as the next pivotal level to test [1]. If this resistance is overcome, the projected path suggests a continuation beyond $124,000, with $128,000 as the likely destination before August 1 [1].

Historically, Bitcoin had formed a symmetrical triangle between $114,000 and $123,000, confining price movements for several weeks before the current breakout. The recent bullish action has retested $118,000 successfully, reinforcing the strength of the ascending support line that has held firm since June [1]. This trendline has acted as a foundation for renewed demand, while the descending channel from June’s high has been decisively broken, signaling fresh buying interest.

Market participants are now closely watching whether Bitcoin can reclaim its ATH and sustain momentum above $124,000 before the month of August begins. The yellow projected line on the chart shows a steep rise beyond current levels, hinting at potential institutional demand or undisclosed inflows. The RSI remains in a neutral range, offering room for continued upside without indicating overbought conditions, which suggests the rally could extend further.

If Bitcoin reaches $124,000 and breaks through, it would validate both the breakout pattern and the psychological significance of that level. Traders are expected to monitor consolidation zones around $117,000 for potential buy entries, with the price staying above the ascending orange support line reinforcing the bullish trend structure [1].

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[1] https://cryptonewsland.com/bitcoin-128000-as-wedge-clears-123182/