Bitcoin News Today: Bitcoin Holds $117,250 Support as Bulls Target $120,500 Breakout

Bitcoin’s price remains at a pivotal juncture as it consolidates above the $117,250 support level, with bulls eyeing a breakthrough above $120,500 to reignite its rally. The cryptocurrency, trading near $118,000, faces immediate resistance at $118,500, a level analysts suggest must be cleared to unlock further upward momentum [1]. Technical indicators, including the 100-hour Simple Moving Average (SMA) and a bearish trend line at $118,200, underscore the intensity of the battle for dominance in this range [1]. A successful push above $118,500 could pave the way for a test of $120,500, a psychological threshold that, if breached, might propel Bitcoin toward $122,500 and $123,200 [1].

The recent price action has seen Bitcoin oscillate between key Fibonacci retracement levels, with the 23.6% level of the $114,733–$119,795 rally now serving as a critical reference point [1]. After a brief climb to $119,795, the asset retreated, highlighting the fragility of its gains. Traders are closely monitoring whether the 50% Fib level at $116,600 becomes a significant support or if the price slips further toward $115,550 or the main support zone at $114,600 [1].

Technical indicators provide mixed signals. The hourly MACD shows waning bullish momentum, while the RSI, below 50, reflects diminishing buying pressure [1]. However, a breakout above $118,500 could reignite optimism, particularly as the 20-day exponential moving average aligns with key resistance clusters [1]. Analysts caution that failure to sustain above $117,250 could trigger renewed selling, dragging Bitcoin toward $114,000–$115,000 [1].

The psychological significance of $120,500 is heightened by its role as a former resistance level and a strategic target for institutional and retail investors. A sustained break above this level, according to analysts, could validate a broader bullish trend, especially as the July 28, 2025, futures expiration approaches [2]. This deadline, coupled with increased liquidity expectations, adds temporal urgency to the price action [2].

Market dynamics remain influenced by technical analysis and speculative positioning, with no major macroeconomic catalysts or regulatory shifts affecting Bitcoin’s trajectory. The consolidation phase between $117,500 and $120,500 reflects a tug-of-war between momentum traders and hedgers, as the 100-hour SMA at $118,600 and Fibonacci levels become focal points [2]. A breakdown below $117,250 would likely reignite bearish sentiment, threatening further declines.

Sources:

[1] CoinMarketCap, "Bitcoin Holds $117,250 Support as Bulls Target Break Above $120,500" https://coinmarketcap.com/community/articles/688844ea93529f16716e8e61/

[2] TradingView, "Bitcoin Price Holds Support Zone – Can It Power the Next Leg Higher?" https://www.tradingview.com/news/newsbtc:86df10d19094b:0-bitcoin-price-holds-support-zone-can-it-power-the-next-leg-higher/

[3] CryptoRank, "Bitcoin Price Gears Up for Fresh Rally After Tight Range?" https://cryptorank.io/news/feed/039c0-bitcoin-price-gears-up-120k