Bitcoin News Today: Bitcoin Technicals Point to Potential $135K Target by July 2025 as Bulls Consolidate Above $115K Support

Bitcoin’s recent price action within a tightening range has drawn attention to potential upward momentum, with technical indicators suggesting a possible move toward the $135,000 resistance level by July 24, 2025. The cryptocurrency has consolidated near $120,000, with robust support at $115,000, while key technical patterns and on-chain activity reinforce a bullish outlook. A decisive close above $123,218 could catalyze renewed buying interest, propelling BTC toward $135,729 and beyond [1].

The narrowing trading range, defined by the 20-day simple moving average (SMA) at $115,961 and resistance spanning $120,000 to $123,218, reflects declining volatility and a shift in momentum. The 20-day SMA’s upward trajectory and a positive RSI indicate sustained bullish control, with the path of least resistance tilting higher [2]. On the daily chart, Bitcoin forms an inverse head-and-shoulders pattern, a bullish reversal formation that could signal a strong breakout if confirmed. A close below the 20-day SMA would, however, signal waning momentum and risk a decline toward $110,530 [1].

Investor caution is evident through recent net outflows of $285.2 million from U.S.-based spot Bitcoin ETFs, reflecting short-term profit-taking amid strong resistance at $120,000. Despite this, the inability of bears to push prices below $115,000 highlights resilient demand and market confidence. COINOTAG analysts note that such consolidation phases often precede significant price advances, as buyers and sellers balance positions ahead of a breakout [2].

Short-term price dynamics on the 4-hour chart reveal a temporary equilibrium, with moving averages flattening and RSI hovering near neutral levels. This tight consolidation near all-time highs suggests buyers are holding positions in anticipation of a directional move. A confirmed close above $123,218 would likely trigger renewed buying pressure, while a drop below $115,500 could accelerate selling as traders exit positions [1].

The broader market context remains cautiously optimistic, with Ethereum’s recent ascent above $3,500 reinforcing risk-on sentiment. However, regulatory developments and macroeconomic data—particularly U.S. inflation figures and Federal Reserve policy cues—could introduce volatility. For now, the technical narrative favors patience, with key levels at $115,000, $123,218, and $135,000 critical for defining Bitcoin’s trajectory in the coming weeks [3].

Source: [1] [Bitcoin’s Narrowing Range Suggests Potential Move Toward $135,000 Resistance Level July 24, 2025] [https://en.coinotag.com/bitcoins-narrowing-range-suggests-potential-move-toward-135000-resistance-level/]

[2] Technical analysis methodology adapted from standard on-chain metrics and RSI interpretations

[3] Market dynamics extrapolated from historical Bitcoin price behavior and institutional adoption patterns