Bitcoin News Today: Bitcoin Price Surpasses Key $118K Support, Eyes 1.4% Gain at $120.25K Resistance

Bitcoin has resumed its upward trajectory following a period of consolidation, with the cryptocurrency currently trading near $118,600 and showing signs of renewed bullish momentum [1]. The price has surpassed key technical levels, including the $118,000 support zone and the 100-hour simple moving average, indicating potential for further gains. However, a sustained rally will depend on BTC clearing the $120,250 resistance threshold, which could validate a broader uptrend [2].

The price action has been characterized by a critical bullish trend line on the hourly chart, with support anchored at $118,200 [1]. Traders are closely monitoring whether BTC can break above $120,000 to trigger a retest of the $122,500 level, a former all-time high. Analysts note that a close above $120,250 could signal the start of a new bullish phase, potentially pushing the price toward $123,200. Conversely, a failure to surpass this level may result in renewed bearish pressure, with immediate support at $118,500 and a key 76.4% Fibonacci retracement level near $117,200 acting as potential barriers [3].

Technical indicators provide a mixed outlook. The hourly MACD has entered the bullish zone and is gaining momentum, while the RSI for BTC/USD remains above the 50 level, suggesting ongoing buyer participation [1]. On the downside, liquidity buildup around $115,000 has been observed, with increased buying interest potentially stabilizing the price should a correction occur [4]. Additionally, Bitcoin’s price holds above multiple exponential moving averages (EMAs), including the 100-day EMA at $110,597, reinforcing its position in a bullish phase [5].

Macro-level risks remain a concern. Analysts warn that a failure to establish a new all-time high could trigger a 50% correction, underscoring the importance of a decisive breakout above $120,000 [3]. Broader market dynamics, including potential shifts in U.S. Federal Reserve policy, are seen as critical variables. A pivot in monetary policy could mark the end of the current rally, highlighting the interconnectedness between crypto and traditional financial conditions [6].

The immediate path for Bitcoin hinges on its ability to retest and surpass $120,000 without slipping below $115,000. A sustained break above the $120,250 resistance could reignite the uptrend, while a retreat below $117,200 might deepen the correction. For now, the market remains in a delicate equilibrium, with traders balancing optimism about renewed buying activity against caution over volatility and macroeconomic uncertainties.

Source:

[1] Newsbtc, "Bitcoin Price Aims Fresh Gains After Consolidation: Can the Rally Resume?" https://www.newsbtc.com/analysis/btc/bitcoin-price-aims-fresh-gains-120k/

[2] FXStreet, "Bitcoin Price Aims Fresh Gains After Consolidation: Can the Rally Resume?" https://www.fxstreet.com/cryptocurrencies/news/bonk-price-forecast-bonk-uptrend-wobbles-but-golden-cross-patterns-signal-demand-resilience-202507221233

[3] Mitrade, "Bitcoin Price Aims Fresh Gains After Consolidation: Can the Rally Resume?" https://www.mitrade.com/au/insights/news/live-news/article-3-982389-20250724

[4] Binance, "Bitcoin Price Consolidates Near $118K as Liquidity Builds at $115K" https://www.binance.com/en-TR/square/news/all

[5] CoinDCX, "Top 10 Cryptos To Invest In July 2025 [By Market Cap]" https://coindcx.com/blog/crypto-highlights/top-10-cryptos-2025/

[6] FXStreet, "Could Bitcoin price rally end if Fed policy pivots?" https://www.fxstreet.com/cryptocurrencies/news/could-bitcoin-price-rally-end-if-fed-policy-pivots-202507232044