(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Bitcoin Hits $120K+ — Bullish Breakout Extends to Record Levels

Article background

Aayush Jindal

Key Highlights

  • Bitcoin started a fresh increase and traded to a new high above the $120,000 resistance.
  • BTC/USD is following a bullish trend line with support at $119,500 on the 4-hour chart.
  • Ethereum climbed higher above $3,000 resistance.
  • XRP price rallied above the $2.80 level and tested the $3.00 zone.

Bitcoin Price Technical Analysis

Bitcoin price started a fresh increase above the $112,000 zone against the US Dollar. BTC was able to surpass the $115,000 and $116,500 resistance levels.

Looking at the 4-hour chart, the price settled above the $115,000 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bulls even pumped the price above the $120,000 resistance.

A new all-time high was formed near $123,200 and the price is now consolidating gains. If there is a pullback, Bitcoin might find support near the $119,500 level.

There is also a bullish trend line forming with support at $119,500 on the same chart. A downside break below $119,500 might send BTC toward the $117,500 support. Any more losses might send the price toward the $115,000 support zone.

On the upside, the price could face resistance near the $123,200 level. The next key resistance is $125,000. A successful close above $125,000 might start another steady increase.

In the stated case, the price may perhaps rise toward the $126,500 level. Any more gains might call for a test of $128,000.

Looking at Ethereum, the bulls seem to be in control, and they were able to push the price above the $3,000 resistance zone.

Today’s Economic Releases

  • US Consumer Price Index for June 2025 (MoM) – Forecast +0.3%, versus +0.1% previous.
  • US Consumer Price Index for June 2025 (YoY) – Forecast +2.7%, versus +2.4% previous.
  • US Consumer Price Index Ex Food & Energy for June 2025 (YoY) – Forecast +3.0%, versus +2.8% previous.
Excellent
Trustpilot
Open a Live accountOpen a Demo account
Loading