‎Bitcoin Eyes Breakout as Bulls Target $119,500 Resistance

‎BTCUSD Market Analysis- August 11

‎Bitcoin edges closer to a potential breakout as bulls set their sights on the key $119,500 resistance level, fueled by growing market momentum.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $113,200.00, $107,500.00
‎Resistance Levels: $119,500.00, $125,000.00‎

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin has maintained a strong bullish trajectory throughout recent months, setting consecutive new highs. In May 2025, the market entered a consolidation phase as buyers paused to absorb gains from the prolonged rally. This sideways movement continued until July, signaling a period of accumulation before the next leg up.
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‎A decisive bullish breakout occurred in July, with price surging above the previous major high at $113,200. This momentum carried Bitcoin to a new significant peak of $119,500 before sellers stepped in, triggering a temporary bearish pullback. Despite this, the bullish market structure remained intact.
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‎The $113,200 demand level acted as a solid floor for price, enabling the uptrend to resume. Bitcoin is now approaching the $119,500 resistance once again, this time backed by growing market anticipation for a full breakout. The daily Relative Strength Index (RSI) shows steadily increasing momentum, providing additional confluence for the bullish outlook.

‌‎BTCUSD Medium-Term Trend: Bearish

‎On the 4-hour chart, price action offers a closer view of the ongoing structure. After forming a failed low at $113,200, Bitcoin launched a strong rally that briefly pushed past the $119,500 supply zone. However, this upward move faced immediate selling pressure as the 4-hour RSI entered overbought territory.
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‎The resulting bearish reaction is expected to be limited, with price likely to retrace toward the ascending trendline support. From there, buyers are anticipated to step back in, aiming for another decisive push toward — and potentially beyond — the $119,500 level.

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