Bitcoin Price Watch: Bullish Trend Holds as Market Eyes $120K Breakout
2025-07-12 11:46:45
Main Idea
Bitcoin's price remains in a bullish trend after reaching a new all-time high, with traders watching for a potential breakout above $120K, though signs of short-term consolidation or pullback are noted.
Key Points
1. Bitcoin reached a new all-time high of $118,839, with a current price of $118,142 and a market cap of $2.34 trillion.
2. The breakout above the $110,000-$112,000 resistance zone was supported by high trading volume, indicating strong upward momentum.
3. Short-term consolidation is observed between $117,000 and $118,000, with potential for a pullback if support at $117,000 fails.
4. Technical indicators like RSI (74) show near-overbought conditions, while CCI (239) and MACD (2,575) remain bullish.
5. Moving averages across all major timeframes confirm the long-term uptrend, with key support levels at $112,648 (EMA 10) and $111,543 (SMA 10).
Description
Bitcoin’s momentum cooled slightly after reaching a new all-time high of $118,839, yet the broader trend remains bullish. With bitcoin trading at $118,142, holding a market capitalization of $2.34 trillion, and posting a 24-hour trading volume of $39.03 billion within a range of $116,847 to $118,158, traders are cautiously eyeing the next move. Bitcoin On
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