Bitcoin Surges 12% to $119,500 After Breakout from Falling Wedge Pattern

Bitcoin (BTC) experienced a significant surge, climbing above $119,000 on July 14, 2025, following a decisive breakout from a long-standing falling wedge pattern. This pattern, characterized by three major resistance touches, marked a pivotal moment for the cryptocurrency, sparking renewed bullish momentum within the crypto community. The breakout was widely celebrated, with traders and analysts closely monitoring the next potential price zones.

The BTC/USD chart on the 1-hour timeframe illustrated a sharp rally from under $106,000 to nearly $120,000 within less than ten days. The Relative Strength Index (RSI) indicator, which measures the speed and change of price movements, hovered near 68.42, indicating strong price power without reaching overbought conditions. This technical setup suggested that Bitcoin had the potential for further upward movement, although a small divergence on the RSI hinted at a possible short-term cooling near the $120,000 level.

Analysts and traders on social media platforms expressed optimism about the breakout. TommyJR, a prominent analyst, noted the triple tap on resistance followed by the breakout as a textbook bullish pattern. He posted, “There is nothing but blue sky above,” reflecting the bullish sentiment. Another user, Patrick, chimed in, “Hoping to see 125k this week,” indicating that traders were aiming for higher price targets. However, some traders speculated that Bitcoin might briefly return to the $114,000 level to fill a gap before heading to higher resistance zones near $125,000.

The breakout occurred as BTC crossed above $114,000 and surged past $119,000, touching intraday highs of $119,500. The RSI, plotted with a 14-period close, showed rising strength during the breakout, peaking just below 70. This indicated that the asset remained in strong territory without hitting overbought extremes, suggesting room for continued upward momentum. However, a subtle bearish divergence on the RSI hinted at a possible short-term pullback.

Market sentiment remained bullish, with technical traders closely watching for price consolidation above the wedge’s upper boundary. This behavior often precedes stronger rallies. Market structure remained bullish above $116,000, with daily candles forming higher highs and higher lows. With macroeconomic data remaining favorable and institutional interest rising, Bitcoin appeared poised for continued strength. As prices tested resistance at $120,000, the focus turned to volume confirmation and whether the CME gap would act as a magnet or merely a footnote in this bullish trend.