Bitcoin News Today: Bitcoin Rebounds Above $119,000 Amid Shifting Market Sentiment and Tariff Delays

Bitcoin rebounded above $119,000 on August 12, according to HTX market data, with the 24-hour decline narrowing to 0.12% [1]. Over the previous week, the cryptocurrency had experienced significant price swings, briefly surging above $122,000 before retreating to hover near $119,000 [3]. This movement was influenced by shifts in market sentiment, expectations around U.S. inflation data, and geopolitical developments, including the White House's decision to delay China tariffs [3].

Following the initial surge above $122,000, heavy selling pressure pushed the price lower, pulling Bitcoin below $119,000 during the U.S. trading session [1]. The consolidation around this psychological level has drawn close attention from traders, who are monitoring for signs of sustained upward momentum. At the same time, Ether has maintained a position above $4,300, reaching its highest level since December 2021 [5].

Analysts have highlighted the significance of the $119,000 threshold, particularly in anticipation of the August 12 CPI data release. A breakout above this level could reinforce bullish sentiment, while a breakdown could lead to further corrections [4]. Additionally, a notable CME futures gap at $116,500 has emerged as a historical reference point for price movements after large swings [2].

The broader crypto market has shown strong performance, with over $350 million in liquidations reported over the past 24 hours, predominantly from short positions [5]. This trend signals a growing dominance of long-side positioning, with bulls maintaining control of the momentum. Ethereum's technical outlook is particularly encouraging, as it has broken out from a multi-year Wyckoff Accumulation pattern, supporting a price target of $6,000 [5]. Some analysts, including Nilesh Verma, have proposed more aggressive projections based on past fractal patterns, forecasting potential levels as high as $20,000 [5].

Bitcoin’s current position near its all-time high and the broader market's resilience suggest a continuation of the bullish trend. However, this remains subject to risks tied to macroeconomic data and regulatory developments. For now, the $119,000 level remains a critical focal point for traders and analysts [5].

Source:

[1] Bitcoin Pulls Back to $119K as Looming Inflation Data Could Bring Price Swings - https://www.coindesk.com/markets/2025/08/11/bitcoin-pulls-back-to-usd119k-as-looming-inflation-data-could-bring-price-swings

[2] Watch Out Below: Bitcoin's Weekend Surge Leaves CME Gap - https://www.coindesk.com/markets/2025/08/11/watch-out-below-bitcoin-s-weekend-surge-leaves-cme-gap

[3] Bitcoin Briefly Surged as White House Delays China Tariffs - https://cryptodnes.bg/en/bitcoin-briefly-surged-as-white-house-delays-china-tariffs-next-move-hinges-on-inflation-data/

[4] Bitcoin Trades in Key Range Ahead of 2025 CPI Data Release - https://www.ainvest.com/news/bitcoin-news-today-bitcoin-trades-key-range-2025-cpi-data-release-2508/

[5] Daily Crypto Signals: Bitcoin Nears $119K, Ethereum Breaks Above $4,300 as Crypto Bulls Dominate Weekend Trading - https://www.fxleaders.com/news/2025/08/11/daily-crypto-signals-bitcoin-nears-119k-ethereum-breaks-above-4300-as-crypto-bulls-dominate-weekend-trading/