Bitcoin News Today: Bitcoin Rises 3.6% as $120K Target Looms With Strong Institutional Support

Bitcoin is showing renewed strength after a recent rebound, with prices climbing back to $118,236 from a low of $112,600 earlier in the week. The recovery has been supported by a breakout above a long-term descending trendline, which has sparked optimism among traders about the possibility of BTC breaking the $120,000 barrier[1]. Technical analysis indicates that the price has moved above both the 50-day and 200-day simple moving averages, suggesting an upward shift in momentum[2].

The Relative Strength Index (RSI) stands at 62.97, indicating that Bitcoin still has room to rise before reaching overbought territory. However, $118,616 is currently a key resistance level; a daily close above this threshold could pave the way for a move toward $120,000 and beyond[3]. Traders are closely watching for confirmation of this breakout. If Bitcoin fails to hold above $116,673, a pullback toward $112,000 remains a risk, although strong support is expected in that zone[4].

From a broader perspective, Bitcoin has shown strong upward momentum, breaking above $117,000 and drawing attention from analysts who see a potential path toward $120,000 and beyond. Institutional inflows and increased blockchain adoption are seen as key drivers of this rally[5]. The price closed at nearly $118,000, with a 3.6% weekly gain and a near 1% increase in the past 24 hours. The market cap is currently $2.34 trillion, with $58.4 billion in daily trading volume[6].

Analysts have pointed to a shift in Bitcoin’s traditional four-year price cycle, which has historically seen major peaks about one year after each halving event. In 2024, Bitcoin reached $73,000 in March, far earlier than the typical peak, suggesting a structural change in market behavior[7]. Institutional adoption, including the approval and growth of U.S. Bitcoin ETFs, is considered a major factor in this new cycle. Experts suggest that future pullbacks may range between 30-50%, significantly less severe than the 70-80% corrections seen in past cycles[8].

On-chain data also supports a more balanced market, as short-term holders are easing their selling pressure near $115,000. This trend is seen as a positive sign for 2025 and indicates growing stability in the Bitcoin price[9]. Additionally, regulatory developments, including potential inclusion of crypto in 401(k) plans under a Trump-led initiative, have added to the bullish sentiment[10].

A decisive break above $118,250 could attract momentum buyers, increasing the likelihood of a move toward $120,000[11]. If the price holds above $117,335, further targets could include $123,250 and even $127,000, provided momentum remains intact[12]. For traders, a pullback to between $116,500 and $117,300 could offer a favorable entry point, with a stop-loss recommended below $113,400.

Meanwhile, the broader blockchain ecosystem continues to evolve. Kraken has launched tokenized equities, and Coinbase has expanded its decentralized exchange (DEX) trading features. These developments reflect the increasing integration of crypto into traditional finance and could further support Bitcoin’s price trajectory[13]. With institutional adoption on the rise and a more mature market, Bitcoin appears well-positioned to test—and potentially surpass—$120,000 in the near term.

---

Source:

[1] Cryptoticker - https://cryptoticker.io/en/bitcoin-price-prediction-break-120k-august-2025/

[2] Brave - https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-breaks-117k-momentum-builds-toward-120k

[3] Binance - https://www.binance.com/en/square/post/28111798274105

[4] Cryptonews - https://cryptonews.com/news/bitcoin-price-prediction-almost-118k-and-up-3-6-is-120k-the-next-stop/

[5] CoinDCX - https://coindcx.com/blog/price-predictions/bitcoin-price-weekly/

[6] The Currency Analytics - https://thecurrencyanalytics.com/bitcoin/bitcoin-short-term-sellers-ease-as-price-steadies-near-115k-189416

[7] Capitalstreetfx - https://www.capitalstreetfx.com/en/technicalanalysis/crypto-market-rallies-on-trump-401-crypto-plan/

[8] BlockchainReporter - https://blockchainreporter.net/bitcoin-could-enter-final-stage-of-bull-run-with-remittix-offering-the-biggest-upside-will-it-outshine-btc/

[9] CryptoRank - https://cryptorank.io/news/feed/1f951-bitcoin-price-prediction-traders-say-fakeout-is-bullish-new-all-time-highs-coming-soon