BTCUSD Market Analysis – July 10
Bitcoin Breaks Out Experiencing New Bullish Wave Targeting the $119,800 Resistance
Bitcoin breaks out of key resistance as a fresh bullish wave sets its sights on the $119,800 supply level, signaling renewed upward momentum in the market.
Bitcoin (BTCUSD) Key Levels
Support Levels: $93,400.00, $82,600.00
Resistance Levels: $107,300.00, $119,800.00
BTCUSD Long-Term Trend: Bullish
Bitcoin has entered a fresh bullish phase, marking the end of its previous bearish correction. The recovery began from the $82,600 support level, where price initially broke below but quickly reversed with strong bullish momentum. This reversal established a solid upward trajectory.
The bullish run pushed through the $93,400 resistance and advanced to the $107,300 supply level, where price faced notable resistance. Attempts to breach this level were initially met with sharp pullbacks, creating a temporary bearish decline.
However, Bitcoin has now successfully broken above the $107,300 resistance level, confirming a renewed bullish breakout. Price action is now geared toward testing the next key supply level at $119,800. Supporting this bullish outlook, the daily Relative Strength Index (RSI) is climbing steadily, and price continues to trade above the Moving Average — both indicating sustained upward momentum.
BTCUSD Medium-Term Trend: Bullish
On the 4-hour timeframe, price structure has aligned fully with the broader bullish trend. A recent bullish break of structure further reinforces this outlook, confirming that the trend has regained strength.
Currently, the RSI on the 4-hour chart shows that price is in the overbought territory, signaling a potential short-term retracement. Any pullback at this point is expected to be corrective in nature, targeting the recent 4-hour order block. This retracement would likely serve as a launchpad for another leg upward in line with the prevailing bullish trend.
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