Bitcoin Price Analysis: BTC Bullish Momentum Returns After Recent Correction, Is $140K Next?
2025-07-16 13:58:04
Main Idea
Bitcoin's price recently reached a new all-time high above $123K, showing strong bullish momentum but with signs of short-term exhaustion, and key support and resistance levels are being closely watched.
Key Points
1. Bitcoin is currently trading around $119K after hitting a new all-time high above $123K, indicating potential short-term exhaustion.
2. The daily chart shows BTC respected its macro bullish channel, breaking through key resistance levels at $75K and $108K before accelerating to $123K.
3. The 100-day and 200-day moving averages are curving upward, with the $110K zone acting as primary support.
4. On the 4-hour timeframe, BTC is testing the $118K–$119K bearish fair value gap as resistance, with RSI cooling down from overbought levels to around 58.
5. Key demand zones for potential long setups are identified between $114K and $111K, offering high-probability continuation opportunities toward $125K.
Description
Bitcoin is currently trading around $119K after reaching a new all-time high above $123K just days ago. This historic breakout has come with aggressive momentum, flipping prior resistance levels into strong support. The overall structure remains bullish, but recent price action shows early signs of a potential short-term exhaustion. By ShayanMarkets The Daily Chart On the daily chart, BTC has respected its macro bullish channel and just broke out from a large bull flag formation that had been de...
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