Bitcoin Pushes Past $119K in a New Attempt to Break Key Resistance
2025-07-16 17:41:06
Main Idea
Bitcoin is attempting to break past the $119,000 resistance level, with key support and resistance levels identified, while RSI indicates neutral momentum and macroeconomic factors contribute to volatility.
Key Points
1. Bitcoin is pushing past $119,000, challenging the key resistance level of $118,483, with potential to move toward the recent all-time high near $123,207.
2. Support levels are identified at $115,719 and $115,215; a breakdown below these could lead to additional selling pressure.
3. The Relative Strength Index (RSI) shows neutral momentum, staying between 50 and 60, indicating neither buyers nor sellers are in full control.
4. Macroeconomic factors, including a stronger U.S. dollar and rising Treasury yields, are contributing to market volatility despite Bitcoin's bullish move.
5. Price action earlier this week showed signs of recovery, but momentum has stalled, with traders continuing to operate within a tight range.
Description
Bitcoin is pushing past $119,000, attempting to break out of its recent consolidation range The move is a challenge to the key $118,483 resistance level, which analysts have been watching closely This comes as the RSI has cooled off from overbought levels, signaling the market has reset for a new move Bitcoin is pushing past $119,000 on Wednesday, attempting to break out of the tight trading range that has defined its price action since setting an all-time high last week. The move is a direct ch...
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