Bitcoin News Today: Bitcoin's Symmetrical Triangle Nears Breakout as 15% Volume Drop and 1.81% Open Interest Decline Signal Uncertainty

Bitcoin’s price action has settled into a symmetrical triangle pattern as traders brace for a potential breakout. The cryptocurrency trades near $118,520, consolidating within a range bounded by $118,000 support and $119,300 resistance [1]. Technical indicators suggest indecision, with the RSI hovering at 48.63—a neutral zone—and the MACD showing weak positive momentum [3]. The triangle formation, characterized by converging price highs and lows, historically precedes a directional move, either upward or downward.

The Ichimoku Cloud analysis reinforces a bullish bias, as Bitcoin’s price remains above the green cloud region, signaling potential for a rally [1]. Immediate resistance levels at $118,800 and $119,300 could catalyze a push toward $119,800 or $120,500 if breached. Conversely, a breakdown below $118,000 risks a retest of $117,500, with further losses possible toward $117,100 [3]. Volume data underscores caution, with a 15% decline in trading activity to $90.8 billion and open interest dropping 1.81% to $84.22 billion, reflecting reduced liquidity and leveraged positions [1].

Market participants remain split on the trajectory. Analysts predict varied outcomes: some anticipate a continuation of the bullish trend, projecting a move toward $150,000 if the triangle pattern validates [5], while others warn of a potential pullback below $115,724, triggering a retest of earlier support [7]. The 4-hour chart reveals a tight tug-of-war near the triangle’s apex, where buyers and sellers are locked in a stalemate [4]. A decisive breakout above $118,800 could reignite upward momentum, whereas a breakdown below $118,000 may signal a bearish shift.

The broader market mirrors this consolidation, with Ethereum and XRP exhibiting similar range-bound behavior. However, Bitcoin’s dominance remains pivotal, as its movement within the triangle pattern is likely to influence risk appetite across the crypto ecosystem [4]. Traders are also monitoring macroeconomic cues and regulatory updates, which could tip the balance once the pattern resolves. For now, the triangle acts as both a catalyst for volatility and a barrier to clarity, with the market in a holding pattern as it awaits a catalyst for a decisive move [4].

Sources:

[1] [Bitcoin News Today: Bitcoin Consolidates 120K 15 Volume Drop Technical Indicators Signal Impending Breakout](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-consolidates-120k-15-volume-drop-technical-indicators-signal-impending-breakout-2507/)

[3] [Bitcoin Investor Price Model Signals Healthy Growth](https://www.mitrade.com/insights/news/live-news/article-3-978551-20250723)

[4] [Triangle — Trading Ideas on TradingView](https://www.tradingview.com/ideas/triangle/)

[5] [BTC Price Prediction: $150K in Sight as Technicals and...](https://www.btcc.com/en-IN/square/Bitcoin%20News/681582)

[7] [Are Traders Walking Into a Bitcoin Bull Trap at $118K?](https://www.mitrade.com/au/insights/news/live-news/article-3-982644-20250724)