Bitcoin remains in a rising wedge, repeatedly rejected at the $120K resistance level.
Strong support lies between $117,650–$115,650 to sustain the wedge and bullish structure.
CPI data boosts rate cut odds, aiding potential breakout toward $130K–$137K targets.
Bitcoin has once again faced rejection at the $120,000 level and continues to trade within a rising wedge formation. A downside break could shift sentiment to bearish, while bulls need to hold wedge support and push above $120,000 with strength to remain in control.
Technical Structure and Price Action
The BTCUSD daily chart shows price moving inside a rising wedge since April, with converging trendlines containing the market. The lower trendline connects higher lows from around $71,500, while the upper trendline links peaks near $120,000.
https://twitter.com/CryptoFaibik/status/1955141092745105826
Data from TradingView shows several attempts to break above this level since mid-July have failed. According to an observation by Captain Faibik, each rejection has brought price back toward the lower wedge boundary, yet the pattern remains intact.
Bitcoin is currently trading near $119,350, up 0.19% in the last 24 hours, with a market cap of $2.37 trillion. Intraday price action ranged between $118,930 and just under $120,000, with buyers maintaining levels above $119,000.
Market Metrics and Broader Conditions
Data from DeFiLlama records Bitcoin’s total value locked in DeFi at $6.73 billion, showing a 0.45% daily gain. Chain fees and chain revenue both stand at $494,707, while token incentives reached $104.31 million in the past 24 hours. Active addresses total 721,420, indicating sustained network activity.
Macro data also plays a role. The July US Consumer Price Index remained at 2.7% year-over-year, below the 2.8% forecast. According to CME FedWatch, the likelihood of a September US interest rate cut rose to 93.9% after the CPI release. Following the data, Bitcoin rebounded to $119,500 but still requires a decisive daily close above $120,000 to confirm further upside.
Technical analyst Titan of Crypto has projected potential targets of $130,000 and $137,000 if bullish momentum continues. However, the $117,650–$115,650 support zone remains important to maintain the wedge structure and avoid short-term downside pressure.
The post Bitcoin Faces $120K Rejection Again, but This Rising Wedge Holds the Key appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
