Bitcoin News Today: Bitcoin Rises 1.46% to $118,000 as Consolidation Narrows Technical Outlook

Bitcoin has surpassed $118,000, marking a significant milestone as the cryptocurrency consolidates within a narrow trading range. According to HTX market data, Bitcoin rose 1.46% over the past 24 hours, with daily trading volume climbing 2.37% to $72.31 billion [1]. The price remains anchored above $117,400, a level historically associated with strong buying interest, while fluctuating between $117,500 and $119,500 [1]. This consolidation has formed an ascending triangle pattern, indicating sustained demand near the lower boundary despite resistance at the upper end [1].

Technical indicators present a mixed outlook. The Relative Strength Index (RSI) remains above 60, signaling bullish momentum, though its flattening suggests a temporary slowdown in aggressive accumulation [1]. Meanwhile, the Moving Average Convergence Divergence (MACD) has turned negative at -161, with a bearish crossover recorded. However, both MACD lines staying above zero highlight ongoing long-term bullish sentiment [1]. Analysts note that Bitcoin’s consolidation above $117,400 aligns with a broader uptrend characterized by higher highs and lower lows since surpassing $100,000 [2].

Institutional activity is increasingly shaping Bitcoin’s trajectory. Large holders, often referred to as “whales,” are accumulating during pullbacks rather than relying on retail-driven buying cycles [2]. This contrasts with historical bull markets, where retail participation was more pronounced. Brave New Coin analysts caution that the current range-bound trading could resolve into a breakout or deeper correction, contingent on macroeconomic clarity and institutional confidence [3]. Market commentator Tom Lee projects a price target of $240,000, citing robust technical indicators above key support levels, while CoinCentral and Mitrade analysts warn of a potential 50% correction if Bitcoin fails to breach current resistance [4][5].

Key price thresholds remain critical. A breakout above $119,500 could drive Bitcoin toward $123,236, with subsequent targets at $120,000 and $131,000 dependent on sustained momentum and volume [1]. Conversely, a failure to defend $117,400 may trigger a pullback toward $115,000, challenging the uptrend’s integrity. Prices below $114,000 could invalidate short-term bullish signals, though recent buying responses suggest continued support [1].

The broader cryptocurrency market reflects mixed signals, with altcoins trading in a muted range as Bitcoin’s dominance remains unchallenged. Sustaining the uptrend will depend on institutional participation outweighing macroeconomic uncertainties [6]. As whales anchor buying pressure, the immediate focus remains on whether consolidation resolves into a breakout or a deeper correction [3].

Sources:

[1] [Bitcoin Maintains Uptrend Despite Momentum Shift](https://coinmarketcap.com/community/articles/6882bc151e2c5e524ec0bb89/)

[2] [Bitcoin News Today: Bitcoin Uptrend Led by Whales as Retail Participation Wanes](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-uptrend-led-whales-retail-participation-wanes-2507/)

[3] [Bitcoin Price at Crossroads with Consolidation Hinting at Possible Trend Shift](https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-price-at-crossroads-with-consolidation-hinting-at-possible-trend-shift)

[4] [Tom Lee Called Bitcoin’s Peak in 2024 and Just Made Another Bold $240,000 BTC Price Prediction](https://www.financemagnates.com/trending/tom-lee-called-bitcoins-peak-in-2024-and-just-made-another-bold-2400-btc-price-prediction/)

[5] [Bitcoin Price: Why $131,000 Could Be Next Despite Profit-Taking](https://coincentral.com/bitcoin-btc-price-why-131000-could-be-next-despite-profit-taking/)

[6] [Bitcoin Price Holds Firm Above $118,000 Amid Mixed Signals](https://m.economictimes.com/markets/cryptocurrency/crypto-price-today-bitcoin-holds-firm-above-118000-altcoins-trade-mixed/articleshow/122856754.cms)