Bitcoin Price Prediction: Will $119K Support Hold as RSI Dips and Fed Cut Odds Hit 92%?

Key Points

1. Bitcoin is trading at $119,040, with the 50-SMA at $118,753 acting as dynamic support and the 0.236 Fibonacci retracement level at $117,335 serving as a structural floor.

2. The RSI has bounced from the mid-40s, indicating easing selling pressure, while the MACD histogram is flattening, hinting at reduced bearish momentum.

3. Traders are pricing a 92.6% probability of a Fed rate cut to 4.00–4.25% in September, following stronger-than-expected U.S. PPI data and steady jobless claims.

4. A break above $126K could accelerate Bitcoin's move toward $130K, while a close below $117,300 may expose the $113,650 invalidation level (100-SMA).

5. Bitcoin Hyper ($HYPER), a Bitcoin-native Layer 2 project powered by Solana, has raised over $9.6 million in its presale, offering tokens at $0.012725.