‎Bitcoin Surges Above $111,700 as Bullish Breakout Targets $121,000 Resistance

‎BTCUSD Market Analysis – July 11

‎Bitcoin surges past the $111,700 mark with strong bullish momentum, setting its sights on the $121,000 resistance level as buyers dominate the market.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $111,700.00, $97,500.00
‎Resistance Levels: $121,000.00, $130,500.00

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin recently confirmed a strong bullish break of structure, signaling a continuation of its upward trend. After initiating a significant rally in April, BTCUSD climbed above the $97,500 price zone, maintaining a steady bullish trajectory. By May 2025, price reached the $111,700 level, where it entered a brief consolidation phase that lasted through early July.
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‎Mid-July brought renewed bullish momentum, with price surging aggressively beyond the $111,700 mark and heading toward the $121,000 supply level. This move was characterized by a series of large bullish candlesticks, showing little to no bearish interruption—a clear indication of strong buyer dominance.
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‎However, the daily Relative Strength Index (RSI) now shows that Bitcoin has entered overbought territory. While this reflects strong price strength, it also suggests the likelihood of a short-term bearish retracement, especially as price approaches the $121,000 supply level, a potential zone of resistance.

‎BTCUSD Medium-Term Trend: Bullish

‎On the 4-hour chart, Bitcoin continues to maintain its bullish structure, marked by a clean series of higher highs and higher lows. The recent expansion is supported by multiple bullish candles, affirming market strength. Price remains well above the 4-hour Moving Average, reinforcing the bullish bias.
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‎The RSI on this timeframe also highlights overbought conditions, hinting at a possible cooling-off period. Should a retracement occur, it is expected to tap into a daily bullish order block, which may offer fresh buying opportunities.

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