Bitcoin News Today: Bitcoin Holds Above $117,400 Support, 0.28% Gain as Analysts Flag $120,250 Breakout Target

Bitcoin’s price has maintained a firm position above the $117,400 support level, with technical indicators and institutional activity reinforcing a bullish outlook for the cryptocurrency. Recent price action has formed higher lows, signaling resilience amid broader market volatility. Analysts highlight that key resistance levels at $120,250, $123,300, and $131,000 are now critical for traders to monitor. A breakout above $120,250 would validate a new bullish phase, with $131,000 positioned as a long-term objective if intermediate barriers are cleared [1].

Technical analysis underscores Bitcoin’s consolidation between $116,000 and $120,000, with the current price at $118,749—a 0.28% gain. The 0.618 Fibonacci retracement level at $117,247 acts as immediate support, while the Relative Strength Index (RSI) at 65 on the daily chart suggests ongoing momentum. However, the Moving Average Convergence Divergence (MACD) has turned negative, signaling potential short-term corrections. Daily trading volume stands at $70.99 billion, with a volume-to-market cap ratio of 3.1%, indicating adequate liquidity. The fully diluted valuation has reached $2.49 trillion, assuming a maximum supply of 21 million BTC [1].

Institutional activity further supports the bullish narrative. Despite a $131 million outflow from Bitcoin ETFs, long-term accumulation continues. Entities such as MicroStrategy and Trump Media have increased their Bitcoin holdings, reflecting confidence in BTC’s long-term trajectory. The 100-day Exponential Moving Average (EMA) near $110,597 reinforces technical support, as Bitcoin has followed a defined trend over the past 2.5 years. Analysts from COINOTAG note that holding above $117,400 aligns with higher timeframe patterns that could drive the next upward move [1].

Market participants are closely monitoring the $120,250 threshold, a pivotal level for confirming a new bullish cycle. A sustained breakout is expected to trigger a rally toward $123,300 before testing the $131,000 target. Conversely, a breakdown below $117,400 could shift sentiment to bearish territory. Current indicators favor trend continuation, supported by Bitcoin’s structural strength—higher lows historically preceding significant price surges [3].

The interplay of technical resilience and institutional conviction creates a scenario where Bitcoin could either consolidate into a new trading range or accelerate upward. While short-term volatility remains a factor, the alignment of key technical levels and accumulation patterns suggests the market is pricing in a potential $131,000 move, as forecast by analysts [1]. Investors are advised to monitor volume dynamics and institutional activity for signals of shifting momentum.

Source:

[1] [title: Bitcoin Holds Firm Above $117,400 Support, Here Are the Next Resistance Levels to Watch] [url: https://cryptofrontnews.com/bitcoin-holds-firm-above-117400-support-here/]

[3] [title: XT Community News] [url: https://www.xt.com/en/blog/community-news/2025-07-24T19:18:04.000Z]