Bitcoin News Today: Bitcoin Surpasses $119,200 Resistance as Whale Bets $23.7m on $200k Rally

Bitcoin’s recent price action has ignited optimism among market participants, with bulls pushing the cryptocurrency above key resistance levels. The weekly close above $119,200, a critical threshold identified by technical analyst Rekt Capital, has been highlighted as a potential catalyst for further gains [1]. This break could transform the former resistance into support, reinforcing the likelihood of continued upward momentum. “Bitcoin achieved this. It closed the week at approximately $119,200 above the Bull Flag Top and is now completing a retest to confirm the breakout fully,” Rekt Capital noted. While short-term volatility, including downside wicks during the retest, remains possible, the analyst emphasized that maintaining the Bull Flag Top as support is crucial for validating the breakout [1].

The bullish sentiment extends beyond Bitcoin. Altcoin Pudgy Penguins (PENGU) has also shown robust technical patterns, recording a record weekly close above a major resistance level. Rekt Capital acknowledged this milestone but cautioned that short-term bearish signals on daily charts need swift resolution to sustain the upward trajectory [1]. Observations indicate potential near-term weakness for PENGU, underscoring the need for vigilance in interpreting mixed technical signals [1].

Institutional activity adds nuance to the analysis. Galaxy Digital’s reported sale of 80,000 BTC has been interpreted as a strategic move rather than panic-driven de-risking [4]. Meanwhile, on-chain data from CryptoQuant reveals net negative activity by long-term holders (LTHs) near $120,000, hinting at profit-taking or cautious positioning amid the rally [4]. These developments highlight the delicate balance between bullish momentum and potential profit-related selling pressure.

Macroeconomic factors further contextualize the rally. Mitrade’s report links Bitcoin’s potential 15-17.5% price increase to shifts in global M2 money supply, noting a historical lag of 60-90 days between monetary policy changes and Bitcoin’s response [3]. Steve Gregory of Vtrader echoed this, forecasting a climb to $139,000 and positioning Bitcoin as a barometer for global liquidity [4]. However, the Coinbase Premium Index—a gauge of U.S. demand—has softened recently, suggesting reduced appetite for Bitcoin at current price levels [4]. This contrasts with past cycles where dips below $105,000 triggered buying frenzies, raising questions about whether U.S. investors are adopting a wait-and-see approach.

Speculative bets underscore market optimism. A $23.7 million options trade by a Bitcoin whale targets a year-end price of $200,000, reflecting high conviction in the asset’s long-term potential [8]. While such positions highlight confidence, they remain speculative and do not directly influence immediate price dynamics. Analysts remain divided on whether the current rally represents a cyclical peak or a precursor to further gains.

Bitcoin currently trades near $118,183, with Pudgy Penguins priced at $0.041. The coming weeks will likely clarify whether this consolidation is temporary or the start of a new upward phase [6]. Investors are urged to balance technical insights with broader research, given the market’s inherent volatility and the risk of unexpected fluctuations.

Sources:

[1] Coindoo, [https://coindoo.com/bitcoins-bull-flag-break-raises-eyebrows-heres-what-comes-next/](https://coindoo.com/bitcoins-bull-flag-break-raises-eyebrows-heres-what-comes-next/)

[3] Mitrade, [https://www.mitrade.com/au/insights/news/live-news/article-3-993929-20250729](https://www.mitrade.com/au/insights/news/live-news/article-3-993929-20250729)

[4] CryptoPotato, [https://cryptopotato.com/is-institutional-profit-taking-about-to-derail-bitcoins-rally/](https://cryptopotato.com/is-institutional-profit-taking-about-to-derail-bitcoins-rally/)

[6] Mitrade, [https://www.mitrade.com/au/insights/news/live-news/article-3-990515-20250728](https://www.mitrade.com/au/insights/news/live-news/article-3-990515-20250728)

[8] The Currency Analytics, [https://thecurrencyanalytics.com/bitcoin/bitcoin-whale-wagers-23-7m-on-massive-btc-rally-to-200k-by-year-end-187283](https://thecurrencyanalytics.com/bitcoin/bitcoin-whale-wagers-23-7m-on-massive-btc-rally-to-200k-by-year-end-187283)