Bitcoin News Today: Bitcoin Eyes $120,000 as Bulls Gain Momentum on Key Breakouts

Generated by AI AgentCoin World
Sunday, Aug 10, 2025 9:55 am ET1min read
BTC
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Aime RobotAime Summary

- Bitcoin rose 1.3% to $118,592 on August 10, testing key resistance near $118,500 as analysts monitor potential for a $119,000 breakout.

- Technical indicators show BTC breaking above long-term trendlines and 50/200-day SMAs, with RSI at 62.97 suggesting continued upward momentum.

- BraveNewCoin highlights $120,000 as a critical threshold for further gains to $123,500-$130,000, while AInvest warns of a possible $95k-$100k correction before 2025.

- Traders target $116,700-$117,000 as a strategic entry range, but caution a $120k rejection could trigger a pullback toward $116,673 support.

- Sustained strength above $117,500 through the weekend could trigger a golden cross, validating the $119,000 test as a potential major rally catalyst.

Bitcoin’s price movement on August 10 has attracted considerable attention from analysts, who are closely monitoring key technical levels that could influence the broader trend. According to U.Today, the price of

Bitcoin
has shown a 1.3% increase in the past 24 hours, pushing it to $118,592 at the time of the report [1]. On the hourly chart, BTC is attempting to break above the local resistance of $118,500. If this level is successfully cleared, the price could potentially rise to $119,000 by the following day [1].

CryptoTicker adds that Bitcoin has broken above a long-term descending trendline and key moving averages such as the 50-day and 200-day SMAs, which had acted as resistance since mid-July [4]. With the RSI currently at 62.97, BTC appears to have enough momentum to push higher before reaching overbought territory. The immediate resistance stands at $118,616, and a close above this level could open the door to $120,000 [4].

BraveNewCoin also highlights $120,000 as a critical threshold. A confirmed close above this level could lead to further gains, with price targets potentially reaching $123,500 and even $130,000 in the coming weeks [6]. Meanwhile, a more cautious perspective is offered by AInvest, which suggests a possible correction to between $95,000 and $100,000 before the upward trend resumes later in 2025 [5].

For traders, the breakout level around $116,700–$117,000 is considered a strategic entry point for long positions, with price targets near $120,000 and $123,500. However, analysts caution that a rejection at $120,000 could trigger a pullback toward key support levels such as $116,673 (200-day SMA) and a broader range between $112,142 and $111,350 [4].

U.Today further notes that if BTC can remain above the $117,500–$118,000 range through the weekend, it may cross the golden cross by Monday, setting the stage for a test of the $119,000 level [9]. The current technical setup appears favorable for further upside as long as Bitcoin maintains support above $116,000 [4].

Bitcoin’s recent rebound has put the bulls back in control, but the critical test at $120,000 will determine whether this is the beginning of a major rally or a short-lived price surge. For now, the technical indicators remain bullish [4].

Source:

[1] U.Today - https://u.today/bitcoin-btc-price-prediction-for-august-10

[4] CryptoTicker - https://cryptoticker.com/bitcoin-price-prediction-can-btc-break-120k-after-rebound/

[5] AInvest - https://www.ainvest.com/news/bitcoin-news-today-bitcoin-hits-118-000-bullish-policy-shifts-rising-futures-open-interest-2508/

[6] BraveNewCoin - https://bravenewcoin.com/insights/bitcoin-btc-price-prediction-bitcoin-targets-new-all-time-highs-after-116k-breakout

[9] U.Today - https://u.today/bitcoin-price-nears-golden-cross-that-could-spark-all-time-high-push