{"id":5967,"date":"2025-07-23T04:11:07","date_gmt":"2025-07-23T04:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-sets-up-for-another-move-can-the-bulls-seal-the-deal\/"},"modified":"2025-07-23T04:11:07","modified_gmt":"2025-07-23T04:11:07","slug":"bitcoin-price-sets-up-for-another-move-can-the-bulls-seal-the-deal","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-sets-up-for-another-move-can-the-bulls-seal-the-deal\/","title":{"rendered":"Bitcoin Price Sets Up for Another Move\u2014Can the Bulls Seal the Deal?"},"content":{"rendered":"<p><em>Bitcoin price is eyeing a fresh increase above the $118,000 resistance. BTC must clear the $120,000 resistance zone to continue higher in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh increase after it cleared the $118,000 zone.<\/li>\n<li>The price is trading above $118,500 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a bearish trend line with resistance at $118,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might start another increase if it clears the $120,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Aims Higher<\/h2>\n<p>Bitcoin price started a correction phase below the $118,500 support zone. BTC dipped below the $118,000 level and tested the $116,200 zone.<\/p>\n<p>A low was formed at $116,260 and the price started another increase. There was a decent move above the $118,000 and $118,500 levels. Besides, there was a break above a bearish trend line with resistance at $118,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>However, the pair struggled to surpass the $120,000 resistance zone. A high was formed near $120,237 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $116,260 swing low to the $120,237 high.<\/p>\n<p>Bitcoin is now trading above $118,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $119,800 level. The first key resistance is near the $120,200 level.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-792469\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/07\/Bitcoin_7a2724.png?resize=1024%2C479\" alt=\"Bitcoin Price\" width=\"1024\" height=\"479\" \/><\/p>\n<p>The next resistance could be $121,000. A close above the $121,000 resistance might send the price further higher. In the stated case, the price could rise and test the $122,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.<\/p>\n<h2>Another Drop In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $120,200 resistance zone, it could start another decline. Immediate support is near the $119,200 level. The first major support is near the $118,500 level.<\/p>\n<p>The next support is now near the $118,200 zone. Any more losses might send the price toward the $116,500 support in the near term. The main support sits at $115,000, below which BTC might continue to move down.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $119,200, followed by $118,500.<\/p>\n<p>Major Resistance Levels \u2013 $120,200 and $121,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is eyeing a fresh increase above the $118,000 resistance. BTC must clear the $120,000 resistance zone to continue higher in the near term. Bitcoin started a fresh increase after it cleared the $118,000 zone. The price is trading above $118,500 and the 100 hourly Simple moving average. There was a break above a&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5968,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-5967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/5967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=5967"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/5967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/5968"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=5967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=5967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=5967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}