Bitcoin News Today: Bitcoin Eyes $123,218 Breakout, Potential 13% Gain to $135,729

Bitcoin’s price has been consolidating within a narrowing range between $115,961 and $120,000, creating conditions for a potential breakout. Technical indicators suggest the cryptocurrency could surge toward $135,729 if buyers overcome key resistance levels. The 20-day simple moving average (SMA) at $115,961 and the overhead resistance near $120,000 have defined the trading pattern, with the Relative Strength Index (RSI) remaining in a positive zone, signaling upward bias [1].

Recent data reveals a net outflow of $285.2 million from U.S.-based spot exchange-traded funds (ETFs) over three days, reflecting investor caution amid the consolidation phase [2]. However, bulls have managed to defend the $115,000 support level, preventing further downward pressure. The critical resistance at $123,218 has emerged as a focal point; a sustained break above this threshold could reignite the uptrend, propelling Bitcoin toward $135,729 and potentially $150,000 [1].

The market’s equilibrium is evident in shorter timeframes, where moving averages appear flat and RSI hovers near the midpoint. This balance between buyers and sellers has created a “springboard effect,” with traders anticipating a decisive move beyond the $123,218 level. Conversely, a breakdown below $115,500 could trigger panic selling, leading to a retest of the $110,530 support level, which has not been challenged since May [2].

Analysts note that such consolidations often precede significant price actions, as participants test the boundaries of the range before a directional shift. While no immediate macroeconomic catalysts have been identified, institutional demand or broader market dynamics could fuel a breakout. The current structure of the range remains intact, despite mixed on-chain activity, with liquidity clusters around $120,000 acting as a buffer against erratic swings [1].

As of July 24, 2025, Bitcoin traded at $119,089, reflecting a 0.5% rise over the previous 24 hours. The 24-hour trading volume of $54 billion underscores active participation, though the absence of a clear directional bias persists [3]. Market participants are advised to monitor the $123,218 level closely, as a sustained break above could validate the bullish scenario. A move toward $135,729 would represent a nearly 13% increase from current levels, challenging Bitcoin’s 2025 high of $122,838 [3].

The path to $135,729 is not without risks. Profit-taking and regulatory scrutiny in key markets could dampen momentum. Additionally, a breakdown below $115,000 could initiate a retest of $110,530, testing the resilience of long-term holders. For now, the market remains in a wait-and-see mode, with technical indicators and on-chain metrics converging to suggest a high probability of resolution in the near term.

Source: [1] Cointelegraph, Bitcoin Consolidation May End With Rally To $135K, https://cointelegraph.com/news/bitcoin-consolidation-expected-to-end-with-impulse-move-to-dollar135k-data [2] AInvest, Bitcoin Traders Await Key $123218 Breakout as Consolidation Nears 135K Target, https://www.ainvest.com/news/bitcoin-news-today-bitcoin-traders-await-key-123-218-breakout-consolidation-nears-135k-target-2507/ [3] CoinGecko, BTC to USD: Bitcoin Price in US Dollar, https://www.coingecko.com/en/coins/bitcoin/usd