Bitcoin News Today: Bitcoin Rebounds Near $113K Support, Eyes $148K Price Target

Bitcoin has demonstrated resilience by rebounding off a key ascending trendline near $113,773, a level that has historically served as a strong support during its uptrend [1]. This bounce is technically significant as it confirms that buyers are actively defending this zone, which has previously acted as a psychological and horizontal support level. Traders are closely monitoring whether Bitcoin can maintain this support and continue its upward movement.

The 4-hour RSI has further reinforced the importance of this price level, identifying a potential bounce area around $113,000 [2]. Following a brief pullback below $116,000, Bitcoin has returned to hover near $113,000, testing support that is critical for preserving bullish momentum. A successful defense of this level could indicate that the current trend remains intact and may lead to a renewed push toward higher price levels.

In addition to the trendline support, Bitcoin is retesting the 50-day exponential moving average (EMA), a key dynamic support level that has historically acted as a catalyst for price rallies. After a minor dip below this level, Bitcoin has rebounded, affirming the EMA’s role in stabilizing the price [4]. Technical analysts have also noted the potential formation of an inverted head-and-shoulders pattern, with the 50-day EMA aligning with the neckline of this structure. A breakout from this pattern could project a price target of approximately $148,250, which aligns with broader expectations for a $150,000 level by late 2025.

On-chain activity has also drawn attention, particularly from large Bitcoin holders, or "whales." A recent selloff of 80,000 BTC, valued at around $9.6 billion, marks the third major profit-taking event since 2023 [4]. Analysts at CryptoQuant suggest such selloffs often precede consolidation periods lasting two to four months, which historically allow for renewed accumulation and can set the stage for future price breakouts. While these selloffs may indicate short-term bearish sentiment, they are typically followed by stronger bull runs.

Market observers are now focused on whether Bitcoin can remain above the 50-day EMA. If it does, the asset may continue toward $148,000, supported by both the EMA and the confirmed technical pattern [4]. The $148,000 level is seen as a potential stepping stone toward the anticipated $150,000 milestone.

The coming days are expected to be critical in determining whether Bitcoin breaks below the key trendline or bounces strongly. A firm rebound could indicate strong buyer interest and the potential for a move above the 20-day EMA, while a breakdown could signal a deeper correction [5]. Institutional activity and continued whale behavior will also serve as key indicators of the market’s direction.

Sources:

[1] Binance (https://www.binance.com/en/square/post/27822275399738)

[2] XT.com (https://www.xt.com/en/blog/post/bitcoin-holds-113k-as-rsi-pattern-points-to-140k-possibility)

[3] AMBCrypto (https://ambcrypto.com/bitcoin-as-derivatives-flip-bearish-can-btc-prices-hold-113k/)

[4] AInvest (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-retests-key-50-day-ema-bullish-patterns-whale-activity-2508/)

[5] XT.com (https://www.xt.com/en/blog/post/crypto-market-hit-by-500m-liquidations-as-bitcoin-and-ethereum-lose-july-gains)