Bitcoin completed an 8-month inverse head and shoulders pattern with a breakout above the $113K neckline.
Price targets range from $140K to $150K, based on the depth from head to neckline.
BTC maintains strength above $118K with no major resistance ahead, signaling continued uptrend.
Bitcoin has broken through a critical neckline after forming a large inverse head and shoulders pattern over eight months. This pattern, often used in technical trading to spot trend reversals, was completed with a strong breakout in early July. The price surged past the neckline at $113,000 and is now holding above $117,799. A recent observation shows consistent structure, with a defined left shoulder, a deep head, and a rising right shoulder between December 2024 and July 2025.
Pattern Structure and Key Levels
According to an analysis prepared by Jelle on X, the left shoulder developed in December, while the deep trough forming the head stretched into April. Bitcoin then formed the right shoulder during June. Throughout this period, the neckline at around $113,000 was tested several times but not breached until recently.
Source: Jelle (X)
Price broke above that resistance zone decisively in early July, showing a clear shift in direction. Bitcoin quickly gained momentum once the neckline gave way. The move confirms a pattern often linked to reversals from bearish to bullish price action. Based on the depth of the head to the neckline, the measured move projects a target between $140,000 and $150,000.
The head of the pattern sits near $65,000, and the neckline hovered around $113,000. This price gap offers a target projection used by chart analysts. Support now rests along the previous resistance zone between $109,000 and $113,000. If the price pulls back, that zone could serve as a short-term base.
Bitcoin Current Market Trajectory
Bitcoin is trading at $118,099.12 after dropping 0.27% over the last 24 hours. The market cap stands at $2.34 trillion. The 24-hour trading volume fell sharply by 48.25%, down to $62.15 billion. Bitcoin reached an intraday high of $118.51K before reversing direction. The price dipped below $117K but recovered gradually during the morning hours.
Source: CoinMarketCap
The fully diluted valuation now stands at $2.48 trillion. Current price action shows consolidation between $117.2K and $118.5K within the past 24 hours. Current price action remains well above that level. Bitcoin has maintained strength above the breakout zone, with no immediate signs of rejection or weakness.
The asset trades near $118,000, marking a continuation of the breakout trend. No major resistance zones are visible at current levels. As of now, Bitcoin remains in a clear uptrend. The breakout has held for several daily candles without a sharp retracement. The structure shows consistent movement with defined higher lows and breakouts. All indicators point to a continued bullish structure following the neckline breach.
