Bitcoin News Today: Bitcoin's Bull Flag Pattern Targets $123K All-Time High as Price Rises 11.1% from July Support

Bitcoin’s price structure has formed a bullish flag pattern, positioning the cryptocurrency to potentially retest its all-time high of $123,182. The pattern is characterized by a consolidation phase near $119,947, with a breakout zone established at the critical $120,000 level [1]. This level has emerged as a focal point for traders, acting as a convergence zone for ascending support lines and prior resistance levels. The price has ascended from a July support base near $108,000, reflecting a consistent upward trend since late May. Technical indicators, including a 4-hour RSI of 59.66, suggest there is still room for upward momentum, while the absence of bearish divergence increases the likelihood of sustained buying pressure [2].

The bull flag formation has developed following a breakout from a falling wedge in early June, with Bitcoin establishing higher lows converging toward $120,000. The price has moved organically from a local bottom of $91,000 in late June to nearly $120,000 by mid-July, indicating steady accumulation rather than speculative spikes. Volume trends support the rally, though they have yet to peak, and the green ascending triangle on the upper trendline suggests further upside potential [3]. On-chain commentator TommyJR highlighted the $120K level as the “G-Spot,” noting that the bull flag pattern signals continued strength above this threshold [4].

Key resistance zones remain intact, with the $123,182 all-time high representing the next major target. If Bitcoin secures a stable close above $120,000, it could trigger a new phase of price discovery, potentially breaking through historical resistance levels. The RSI has reset after a prior bearish divergence, reflecting renewed buying interest. Traders are monitoring prior all-time highs as a breakout signal, with the green macro support trendline from March reinforcing the bullish case.

Market confidence is building as Bitcoin trades within 3% of its ATH. A breakout above $123,182 could eliminate visible resistance and open the door for further gains. However, analysts caution that a pullback remains possible if the $120,000 level fails to hold. The absence of exhaustion signals in the chart structure, coupled with a 50% Fibonacci retracement level at $115,722 already cleared, underscores the strength of the current rally.

Source: [1] [Bitcoin Price Forms Bull Flag and Aims to Retest $123K High Level] [https://cryptonewsland.com/bitcoin-forms-bull-and-aims-retest-123k-level/]

[2] [Bitcoin Price Forms Bull Flag and Aims to Retest $123K High Level] [https://cryptonewsland.com/bitcoin-forms-bull-and-aims-retest-123k-level/]

[3] [Bitcoin Price Forms Bull Flag and Aims to Retest $123K High Level] [https://cryptonewsland.com/bitcoin-forms-bull-and-aims-retest-123k-level/]

[4] [Bitcoin Price Forms Bull Flag and Aims to Retest $123K High Level] [https://cryptonewsland.com/bitcoin-forms-bull-and-aims-retest-123k-level/]