Bitcoin News Today: Bitcoin Consolidates Near $119,000 Awaiting Breakout to New Highs

Bitcoin has been consolidating within a bullish pennant formation, trading near $119,000 after a significant surge from approximately $98,000 to $123,000 over recent weeks. Market analysts suggest that if Bitcoin successfully breaches the $120,000–$123,000 resistance zone, it could surge toward new all-time highs.

Chart analysis indicates that Bitcoin has been following a pattern since 2023, characterized by periods of consolidation followed by explosive bullish movements that typically deliver approximately 50% gains. This pattern suggests that Bitcoin has established its local bottom at current levels and is positioned for another upward leg following last week’s correction.

According to CryptoQuant’s analysis, Bitcoin miners were the primary sellers driving the recent consolidation phase. Total miner outflows peaked at 16,000 BTC on July 15, marking an extreme outflow event. Technical analyst CryptoMitchX suggests that the selling pressure has now diminished significantly, projecting a BTC rally to $125,000 early this week as US markets open and react to developments in cryptocurrency legislation and President Trump’s optimistic commentary on cryptocurrencies.

From a technical perspective, the Bitcoin daily chart displays a consolidation phase between $116,000 and $121,000 following the strong rally. The price currently trades near $119,000, with the market establishing a narrow distribution range just beneath the anticipated $125,000 all-time high zone. The Fair Value Gap (FVG) positioned near the $105,000–$110,000 region serves as a structural support level, limiting deeper retracements. Momentum indicators display persistent higher lows and RSI readings in the range of 66–68, suggesting additional upside potential without reaching extremely overbought conditions.

Should the price experience a minor pullback to retest the FVG or lower consolidation boundaries, a decisive breakout above $121,000 could propel Bitcoin toward $125,000 and potentially establish new highs beyond that level. If the $125,000 threshold is successfully surpassed, Bitcoin could initiate its next leg upward toward the $133,000–$140,000 target range, which appears achievable in the medium term.