Bitcoin News Today: Bitcoin Surges to $118,000 Peak on Sustained Buying and Bullish Technicals

Bitcoin’s price surged to a new peak of $118,000 in early July 2025, driven by sustained buying pressure and technical indicators pointing to bullish momentum. The cryptocurrency consolidated within a narrowing range of $115,086 to $118,102, forming a falling wedge pattern as buyers defended key support levels [1]. By July 26, the price hovered near $118,095, with traders highlighting robust demand just below the $118K threshold and critical resistance at $118,102 [1]. A breakout above this level could signal further gains, while a drop below $116K might reignite bearish sentiment [2].

The 24-hour price action showed a 0.54% rise to $118,507.88 on July 14, followed by a 1.5% rebound by July 26 as buyers accumulated assets in the $117K-$118K range [2]. Technical indicators remained mixed: RSI and MACD suggested short-term volatility, but the $114K support level held firm [6]. Over the past week, Bitcoin fluctuated between $117,257 and $119,956, with a 2.1% spike on July 23 marking a significant near-term high [7].

Market analysts presented divergent views. Citibank projected Bitcoin reaching $135,000 in 2025 under a base-case scenario and $199,000 in a bullish forecast [3]. Conversely, Galaxy Digital’s $1.5 billion sell-off raised concerns about short-term distribution risks, with some warning of a potential pullback to $112K-$110K if bearish pressure intensifies [5]. Meanwhile, Mitrade noted that the 6% correction following a $123K high remained within historical volatility norms, suggesting no immediate bearish breakdown [6].

The surge to $118K highlighted broader market dynamics. CoinGecko reported a 24-hour trading volume of $29.9 billion, reflecting strong liquidity during the price consolidation. Institutional and retail participation reinforced the $115K-$120K trading range [4]. However, challenges such as regulatory scrutiny and macroeconomic factors could test the rally’s sustainability.

For now, bulls appear dominant, with key support levels shielding against sharp declines. A sustained move above $118,102 could validate the falling wedge’s bullish implications, targeting $125K as the next resistance [1]. Conversely, a failure to maintain control of the $116K-$117K zone might invite profit-taking and rekindle selling pressure [2].

Source:

[1] [Bitcoin News Today: Bitcoin Trapped in Tightening Falling Wedge](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-trapped-tightening-falling-wedge-118-102-resistance-holds-1-1-rebound-2507/)

[2] [BitLemons ($BLEM) Poised for Growth as BTC Tests $118](https://coinpedia.org/press-release/bitlemons-blem-poised-for-growth-as-btc-tests-resistance-eth-surges/)

[3] [Citi Forecasts Bitcoin to Reach $199K by Year-End](https://thecryptobasic.com/2025/07/25/citi-forecasts-bitcoin-to-reach-199k-by-year-end/)

[4] [Bitcoin Remains Above $118000, Flare Becomes Top Gainer](https://www.msn.com/en-in/autos/photos/cryptocurrency-price-today-july-23-bitcoin-remains-above-118-000-flare-becomes-top-gainer/ar-AA1J7nda)

[5] [Bitcoin Bleeds As Galaxy Digital Unleashes $1.5 Billion Sell-Off](https://www.newsbtc.com/bitcoin-news/bitcoin-price-bleeds-galaxy-digital-1-5-billion-sell-off/)

[6] [Bitcoin Pullback Remains Within Normal Volatility Range](https://www.mitrade.com/insights/news/live-news/article-3-987518-20250725)

[7] [BTC to USD: Bitcoin Price in US Dollar](https://www.coingecko.com/en/coins/bitcoin/usd)