Bitcoin Breaks $119,800 Resistance Targets $126,500

BTCUSD Market Analysis – August 13

Bitcoin breaks through the critical $119,800 resistance level, setting its sights on the $126,500 target as bullish momentum continues to build.

Bitcoin (BTCUSD) Key Levels

Support Levels: $110,500.00, $101,200.00
Resistance Levels: $119,800.00, $126,500.00 

BTCUSD Long-Term Trend: Bullish

Bitcoin has extended its bullish run following a decisive break of structure, with the $119,800 level initially acting as a strong barrier. Multiple retests of this resistance led to a brief phase of bearish momentum, serving as a healthy retracement within the broader uptrend. This pullback allowed price to fill a daily Fair Value Gap, setting the stage for renewed bullish strength.

The retracement also resulted in the formation of a failed low pattern, which often signals trend continuation. Following this setup, Bitcoin pushed above the $119,800 supply level, showing strong buying interest and market confidence. This breach has shifted sentiment further in favor of the bulls, with momentum building toward higher price targets.

This price action is supported by technical indications. The daily Moving Average stays below price action, indicating continued bullish control, while the daily Relative Strength Index points upward, suggesting increasing purchasing pressure. The $126,500 mark is Bitcoin’s next upward target if the current momentum continues, barring a major reverse that breaks the trend. 

BTCUSD Medium-Term Trend: Bullish

On the 4-hour chart, Bitcoin continues to display a clear bullish structure, characterized by consistent higher highs and higher lows. Price remains comfortably above the 4-hour Moving Averages, with strong bullish candlesticks supporting the upward trajectory.

The ongoing momentum suggests that $119,800 will likely hold as a broken resistance, potentially acting as a demand zone on future pullbacks. If this structure remains intact, Bitcoin could continue pushing toward new highs in the coming sessions.

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