Bitcoin (BTC) is currently trading around the $117,700 to $119,000 range after experiencing some sideways movement and a recent pullback from its highs near $123,000. The market shows a cautious but generally optimistic tone with strong underlying demand.
Key current market dynamics:
Bitcoin encountered resistance near $123,000-$124,000 and pulled back, liquidating over $800 million in long positions.
Support levels to watch closely are around $116,300 to $117,500. Holding this range is critical to maintain the bullish structure.
Technical signals show mixed momentum:
RSI on a daily chart hints at a possible larger corrective phase, while shorter timeframes show potential for a rebound.
Bitcoin price recently formed a bullish ascending triangle pattern with horizontal resistance near $122,500 and rising trendline support around $118,700. A clean breakout above $122,500 could lead to a push toward new all-time highs.
The next resistance targets on the upside are around $124,500 and $127,200.
On the downside, a break below $117,445 could lead to a drop toward the lower range of $112,500-$113,000, which is a strong support zone.
Price forecasts for the near term (August-September 2025):
BTC could oscillate between $116,300 support and potential resistance near $125,000.
Analysts expect a possible peak of $125,000 in August 2025 and a further rise towards $131,000 by September, if bullish momentum sustains.
Conversely, failure to hold key support zones could trigger corrective waves, retesting lower levels near $110,000-$112,000.