Bitcoin News Today: Bitcoin nears $119K trendline as RSI builds bullish momentum

Bitcoin is currently hovering near the $119,159 level, an area defined by a long-term trendline that has been in place since 2017 [1]. This technical level connects significant price peaks from past market cycles and has recently aligned with the 2025 price rally. Analysts are closely watching whether the price can sustain above this level, as a confirmed breakout could indicate renewed bullish momentum.

On the weekly chart, Bitcoin’s price action is approaching the ascending trendline that has historically provided support and resistance. The trendline intersects with key peaks from early 2021 and the recent 2025 rally, forming a consistent bullish structure since mid-2023 [1]. Titan of Crypto noted that Bitcoin has reached this long-term trendline, a level that remains critical for traders monitoring potential turning points [1]. The weekly RSI is also trending upward and nearing a descending resistance line that has historically capped momentum in previous cycles. A breakout above this RSI level could signal the end of a multi-year momentum pattern and open the door for a new leg higher [1].

While the RSI historically has shown bearish divergence with price during certain cycles, current readings suggest there is still room for upward movement before hitting potential resistance. Traders are waiting for confirmation of a breakout above both the price trendline and RSI resistance to assess whether the bull trend is gaining strength [1].

Derivatives data supports the bullish narrative. Open interest has risen to $83.76 billion, while short liquidations totaled $24.28 million in the last 24 hours, according to Coinglass [1]. Futures markets also show strong buying pressure, with a taker buy/sell ratio of 1.16. Exchange net flow data reveals reduced selling pressure from long-term holders, a sign that has historically preceded major price rallies [1].

Bitcoin recently experienced a 3-4% pullback from its $124,000 peak but remains above key support levels [1]. Market capitalization and trading volumes remain robust, indicating sustained participation. DaanCryptoTrades noted that the recent CME price gap has largely been filled, with only a small portion remaining open, suggesting that further price testing could occur if the market continues to remove liquidity zones at lower levels [1].

In the broader market, Ethereum has outpaced Bitcoin with a 41% monthly gain, outperforming the overall crypto index [2]. While Bitcoin continues to serve as the market’s bellwether, the strength in altcoins suggests shifting investor attention. However, Bitcoin’s ability to hold near key support levels remains a critical factor in shaping the broader market’s direction.

On-chain data points to a trend of accumulation by long-term holders—wallets that have held BTC for over 155 days. These holders have shown increased activity in stabilizing the price, contrasting with short-term traders who are reducing positions as the price consolidates [1]. This shift suggests that the market is moving toward a more fundamentals-driven phase, rather than being driven by speculation.

Analysts remain cautious, noting that while the technical setup appears bullish, macroeconomic factors such as U.S. interest rates and global economic conditions could influence investor behavior [2]. Traders are advised to monitor both on-chain metrics and broader market conditions before making investment decisions.

Source:

[1] Bitcoin Holds Near $119K Long-Term Trendline, Here’s the Key RSI Level Analysts Are Watching, (https://cryptofrontnews.com/bitcoin-holds-near-119k-long-term-trendline/)

[2] Ethereum outpaces crypto market with 41% monthly surge, (https://www.msn.com/en-in/money/markets/ethereum-outpaces-crypto-market-with-41-monthly-surge-bitcoin-at-119k-should-you-buy/ar-AA1KqQjK)