Bitcoin Price Watch: Bulls Eye $123K as Upper Resistance Nears
Main Idea
Bitcoin's price is consolidating between $112,000 and $123,000, with bullish indicators suggesting potential for a breakout toward $123,000 if resistance at $119,000 is cleared with strong volume.
Key Points
1. Bitcoin price stood at $118,573 on Aug. 10, 2025, with a market capitalization of $2.35 trillion and a 24-hour trading volume of $31.06 billion.
2. The broader trend shows mid-range consolidation between $112,000 support and $123,000 resistance, with technical indicators like RSI (59), Stochastic (68), and CCI (56) pointing to neutral momentum.
3. The moving averages (EMAs and SMAs) from 10-period to 200-period are all signaling bullish trends, with EMA (10) at $116,458 and SMA (200) at $99,740.
4. A decisive push above $118,800 with strong volume could trigger a short-term breakout toward $123,000, while failure to hold above $117,000 may lead to a pullback toward $116,000.
5. The MACD level at 528 reflects a sell signal, but overall, the technical structure remains bullish, with traders awaiting decisive movement based on volume.
Description
Bitcoin price stood at $118,573 on Aug. 10, 2025, with a market capitalization of $2.35 trillion and a 24-hour trading volume of $31.06 billion. The intraday price range extended from $116,494 to $118,639, reflecting tight consolidation as traders awaited a potential breakout or retracement. Bitcoin The daily chart shows bitcoin recovering from a sharp retracement,
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