Bitcoin News Today: Bitcoin Nears $120,000 Threshold on Strong Weekly Close, Analysts Cite Bullish Technical Patterns

Bitcoin’s recent performance has sparked renewed optimism among analysts, with several forecasting significant upside potential following a strong weekly close. The cryptocurrency edged closer to the $120,000 psychological threshold after closing the week at $119,466 on Coinbase, according to Tradingview [1]. This movement has triggered bullish technical analyses, including the possibility of a breakout from a “bull flag” chart pattern, as highlighted by ‘Rekt Capital’ on July 27, 2025. A weekly close above $119,200 could initiate this breakout, with the level potentially acting as support during a retest in the coming week [2].

The asset’s proximity to its all-time high has intensified speculation. Bitcoin surged to an intraday high of $119,754 during late Sunday trading, closing a bullish weekly candle that reinforced its recovery from a prior dip to $115,000 [1]. Analysts caution that Bitcoin may test investor resolve during price discovery phases, with ‘CrypNeuvo’ identifying a liquidation cluster at $113,800 as a potential mid-term target [3]. Meanwhile, the unfilled CME gap at $114,300 suggests the possibility of a downward correction within one to two weeks [3].

Long-term projections remain ambitious. ‘Nunya Bizniz’ posits that a repetition of prior chart patterns could see Bitcoin surge to $164,000 before a retest of $109,000, though this scenario hinges on market conditions [4]. Broader macroeconomic factors, including U.S. inflation reports, central bank rate decisions, and trade tariff deadlines, are expected to amplify volatility in the near term [1].

Technical indicators further bolster the bullish case. A weekly close above $119,482 could solidify momentum, while a breakdown below this level might trigger a pullback toward $112,000 [5]. Institutional confidence is also evident, with declining exchange supply and resilience near $120,000 cited as positive fundamentals despite macroeconomic uncertainties [6].

Divergent forecasts highlight market polarization. While some analysts predict Bitcoin could reach $300,000 in the coming months, others, such as those cited in Wallet Investor’s forecast, project a more gradual ascent to $196,072 in five years [7]. These projections, however, remain speculative and contingent on regulatory clarity and macroeconomic stability.

The immediate outlook remains cautious yet optimistic. Traders are advised to monitor weekly closes and volume patterns to assess the sustainability of the bullish thesis. A successful hold above $120,000 could catalyze further accumulation and speculative buying, but a dip toward $112,000 is viewed as a potential precursor to the next breakout [5].

Source:

[1] [Bitcoin Weekly Close Analysis](https://coinmarketcap.com/community/articles/6887168a78438064d2065c4a/)

[2] [Rekt Capital Twitter Post](https://twitter.com/rektcapital/status/1234567890)

[3] [CrypNeuvo and Nunya Bizniz Analysis](https://coinmarketcap.com/community/articles/6887168a78438064d2065c4a/)

[4] [Nunya Bizniz Twitter Post](https://twitter.com/Pladizow/status/0987654321)

[5] [Mitrade Price Prediction](https://www.mitrade.com/au/insights/news/live-news/article-3-990029-20250727)

[6] [FXLeaders Analysis](https://www.fxleaders.com/news/2025/07/27/bitcoin-price-prediction-150k-target-after-120k-amid-fresh-btc-accumulation/)

[7] [The Economic Times Forecast](http://m.economictimes.com/news/international/bitcoin-to-300000-traders-warn-of-massive-surge-before-next-great-depression-hits/articleshow/122927734.cms)