Bitcoin made a sharp move above $119,000 after breaking out of a long wedge pattern with three major resistance touches.
A rising RSI shows strong price power though a small divergence suggests possible short-term cooling near the $120000 level.
Some traders expect the price to return briefly to $114000 to fill a gap before heading to higher resistance zones near $125000.
Bitcoin (BTC) surged above $119,000 on July 14, 2025, after breaching a major resistance level, signaling renewed bullish momentum. A chart shared on social platform X by analyst TommyJR shows BTC tapping resistance three times before decisively breaking out. The move sparked widespread excitement in the crypto community, with traders now watching for a push to $120,000 and beyond.
Source: X
The BTC/USD chart on Coinbase's 1-hour timeframe shows a breakout from a falling wedge pattern. Prices have rallied sharply from under $106,000 to nearly $120,000 in less than ten days. The RSI indicator, shown at the bottom, hovered near 68.42, suggesting strong but not yet overbought conditions.
Meanwhile, Twitter commentary has ignited bullish speculation. TommyJR noted the triple tap on resistance followed by a breakout as a textbook bullish pattern. “There is nothing but blue sky above,” he posted. Another user, Patrick, chimed in: “Hoping to see 125k this week.” With market sentiment heating up, a pivotal question arises: Will Bitcoin fill the CME gap between $114,470 and $116,585 before climbing higher?
Triple Tap Breakout and Technical Setup
Bitcoin’s recent price surge came after a third test of a major resistance line, confirming the bullish breakout structure. The chart shows BTC consolidating within a descending wedge for weeks, with clear touches on both support and resistance trend lines. This classic reversal pattern is typically bullish once the resistance is broken.
The yellow overlay chart, likely representing a momentum oscillator or related altcoin, appears to align with Bitcoin's breakout path. This correlation supports the strength of the move. The breakout occurred as BTC crossed above $114,000 and has now surged past $119,000, touching intraday highs of $119,500.
The RSI, plotted with a 14-period close, showed rising strength during the breakout, peaking just below 70. This indicates the asset remains in strong territory without hitting overbought extremes, suggesting room for continued upward momentum. However, a subtle bearish divergence is developing on the RSI, hinting at a possible short-term pullback.
Market Sentiment and Community Reactions
On social media, analysts and traders responded quickly. TommyJR’s post gathered over 6,000 views within hours. He described the breakout as the moment many had anticipated after BTC's repeated attempts to break resistance. His followers echoed optimism, with many aiming for price targets as high as $125,000.
Patrick commented, “Hoping to see 125k this week,” reflecting broader trader sentiment across social platforms. This sentiment aligns with technical expectations following breakout patterns. If Bitcoin holds current levels, the next target above $120,000 becomes increasingly plausible.
Another user, Samuel, raised a cautionary technical concern. He noted that Bitcoin could briefly wick down to fill the CME futures gap between $114,470 and $116,585. This level remains unfilled and could attract price action, especially if leveraged long positions unwind. He emphasized monitoring liquidation heatmaps for short-term volatility cues.
Price Targets and Next Steps
The current breakout puts $120,000 as the next psychological and technical barrier. Should BTC clear that, momentum could extend toward $125,000 this week. Key support now lies near $114,500, aligning with both historical resistance and the unfilled CME gap.
Technical traders will closely watch for price consolidation above the wedge’s upper boundary. This behavior often precedes stronger rallies. Market structure remains bullish above $116,000, with daily candles forming higher highs and higher lows.
With macroeconomic data remaining favorable and institutional interest rising, Bitcoin appears poised for continued strength. As prices test resistance at $120,000, the focus now turns to volume confirmation and whether the CME gap will act as a magnet or merely a footnote in this bullish trend.
