- Bitcoin’s price must break above $120,000 to set up a rally to new record highs.
- Trading activity and buying volume remain too low for a strong upward move.
- Bulls have managed a weekly close above $119,200 but need to confirm this level as new support.
- A breakout from a falling wedge pattern suggests potential for a major upward move if confirmed.
- Investors are showing increased accumulation, but spot trading volume is still falling.
Bitcoin is trading in a narrow range between $115,000 and $120,000 as traders look for a decisive move past key resistance to drive prices higher. Recent trading data suggests that, while Bitcoin reached all-time highs close to $123,000, momentum has slowed as buying volume remains low.
According to analysts cited by Cointelegraph and Swissblock, Bitcoin must turn the resistance area of $119,000 to $120,500 into new support to trigger a strong rally. “This week’s goal is for Bitcoin to ‘break above $120,500 with strength and volume,’” Swissblock stated in a recent post. Analyst Rekt Capital added that maintaining the weekly close above $119,200 through a successful retest could confirm a breakout. “Downside wicking is possible on this retest, as long as the Bull Flag Top is maintained as support,” Rekt Capital commented on X.
Spot trading activity on major exchanges remains weak. Data from Glassnode shows Bitcoin’s spot cumulative volume delta—a measure of net buying—improved from -$243 million to -$111 million, but overall trading volume has declined from $9.2 billion to $8.6 billion. Glassnode said, “This moderation in volume suggests that participants might be in a wait-and-see mode with lower conviction to buy or sell aggressively.” You can read more analysis in their Weekly Market Impulse report.
Technically, Bitcoin has broken out of a “falling wedge” pattern, which is usually considered bullish if confirmed by a retest and surge in volume. Crypto trader Mister Crypto said on X, “Massive pump incoming,” while trader Crypto Boss noted on X that the breakout retest appears complete.
Traders say an increase in spot buying and a sustained move above resistance will be needed for Bitcoin to leave its current consolidation phase and reach new highs around $130,000. However, until spot trading activity increases, upward potential may remain limited.
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