Bitcoin News Today: Bitcoin Eyes $120K Breakout Amid $118K Support and $6.6B ETF Inflows

Bitcoin’s price has shown renewed bullish momentum as it approaches the $120,000 resistance level, with technical indicators and market dynamics suggesting a potential breakout. The cryptocurrency has stabilized above $118,600 and the 100-hour Simple Moving Average, forming a key bullish trend line with support near $118,200 [1]. This resilience has positioned Bitcoin for another upward push, with immediate resistance at $120,000 and $120,250 [1]. A confirmed close above $120,250 could trigger a rally toward $122,500 and potentially $123,200 in the coming sessions [1].

Recent on-chain activity highlights the critical role of the $115,000–$120,000 range as a battleground for institutional and retail liquidity. A $6.6 billion inflow into Bitcoin ETFs in late July initially drove the price above $123,218, a level analysts view as a potential catalyst for a broader rally toward $135,729 and a projected $150,000 target [3]. However, subsequent outflows and profit-taking have pulled the price back below $120,000, consolidating near $117,000–$118,000 as traders await a decisive directional move [4].

Technical analysis underscores the importance of key levels. The 50% Fibonacci retracement level at $117,500 has provided strong support, and the hourly MACD and RSI indicators are gaining bullish momentum [1]. A sustained close above $120,250 is seen as crucial for triggering a continuation of the upward trend, with the next major resistance at $122,500–$123,200 [1]. Conversely, a failure to maintain momentum above $120,250 could lead to a retest of support at $118,500, followed by $117,200 and $116,250 [1]. A breakdown below $116,250 risks further declines to $115,000 or even $113,500 [1].

Market structure analysis from July 10 indicates that a sustained close above $123,000 could accelerate Bitcoin toward $140,000–$150,000, but this scenario hinges on maintaining control above $119,000 as a short-term trigger for a breakout [6]. Meanwhile, delayed regulatory approvals for new ETFs have introduced short-term volatility, creating uncertainty for traders despite ETF inflows acting as a stabilizing force [3][6].

Bitcoin’s price action since mid-July has demonstrated resilience, with bulls repeatedly attempting to break above $120,000. While the current standoff reflects mixed retail and institutional activity, the formation of a bull pennant pattern below $120,000 suggests that buyers could reclaim the key resistance [5]. Traders are advised to monitor volume patterns and ETF flows to assess the strength of any breakout.

Source: [1] [Bitcoin Eyes Breakout Above $120K Resistance, Bulls Regain Control](https://coinmarketcap.com/community/articles/6881a9aacdd3e84fefeeda50/)

[2] [Bitcoin News Today: Bitcoin Holds Above $115K](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-holds-115k-institutional-retail-liquidity-standoff-eyes-120k-breakout-2507/)

[3] [Bitcoin Near $120K Amid $6.6B ETF Inflows](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-120k-6-6b-etf-inflows-ether-sees-record-2-12b-etp-inflows-altcoins-rally-2507/)

[4] [Bitcoin Price Slips Below $120K as ETFs Reverse](https://www.tradingnews.com/news/bitcooin-price-stalls-below-120k-usd)

[5] [Markets are digesting recent gains](https://www.facebook.com/groups/492496885232267/posts/150****874371558/)

[6] [$XRP / USDT – Bulls Fade as ETF Delay Triggers Sell-Off](https://www.binance.com/en/square/post/27334664587377)