Bitcoin Bulls Target $119K as Technical Indicators Signal Continued Strength
Bitcoin keeps going up, now over $116,000, and has gained more than 1.7% in the last 24 hours as traders look for higher objectives despite
Quick overview
- Bitcoin's price has surged over $116,000, gaining more than 1.7% in the last 24 hours despite mixed economic data.
- Recent on-chain metrics indicate that short-term holders are capitulating, which could lead to a stronger market foundation.
- Technical analysis suggests that Bitcoin is targeting $119,000, with strong institutional buying observed at current levels.
- Economic uncertainties and potential Federal Reserve policy changes could impact Bitcoin's price trajectory in the near future.
Bitcoin BTC/USD keeps going up, now over $116,000, and has gained more than 1.7% in the last 24 hours as traders look for higher objectives despite mixed economic data. The leading cryptocurrency has shown amazing strength, ignoring worries about the job situation and keeping its bullish path past important technical milestones.
Economic Uncertainty Creates Dual Narrative for Bitcoin
Bitcoin is still bullish on technical indications, but the U.S. labor situation is getting worse, which is bad for Bitcoin. The July employment data showed a surprising 258,000 drop in May and June payrolls. Anna Wong of Bloomberg Economics called the changes a “black swan event” that has happened less than 0.2% of the time in the last 30 years.
André Dragosch of Bitwise Europe said, “We are probably just one bad NFP print away from a big change in Fed rate cut expectations.” This means that emergency monetary easing could happen soon. This change makes things more complicated, as economic weakness might actually help Bitcoin by making people assume more liquidity.
Interest rate futures are already pricing in more aggressive action from the Fed. The CME FedWatch Tool shows that there is a 91% chance of at least one decrease at the FOMC meeting in September. This change in expectations for monetary policy could help Bitcoin’s price rise even more, since history shows that cryptocurrencies do better when monetary circumstances are loose.
On-Chain Metrics Show Short-Term Holder Capitulation
Recent on-chain data shows that Bitcoin’s short-term holders (STHs) are starting to give up, as the STH Spent Output Profit Ratio (SOPR) has dropped to 0.99. This sign shows that people who bought recently are starting to sell close to the prices they paid, which could get rid of weak hands in the market.
Checkonchain says that “many recent top buyers and ‘weaker’ hands are selling around their buy-in price,” which has happened before big bottom formations in the past. It’s interesting that a similar STH capitulation event in June didn’t last long and caused a swift price change, which means that the current weakness might not last long.
BTC/USD Technical Analysis Points to $119K Next Target
As Bitcoin gets closer to the important $117,000 resistance mark, the way the price is moving right now is a textbook example of a comeback. CrypNuevo, a well-known trader, pointed out that the upside liquidity on exchange order books has been absorbed during the surge above $116,800. This suggests that institutions are buying up assets at these high levels.
“This is how the market moves—always around and toward the liquidity,” CrypNuevo said, pointing out that $119,000 is the next obvious goal for bulls. CoinGlass’s order book research shows that resistance is getting stronger between $117,500 and $118,000, while bid support goes all the way down to $114,000, giving a lot of room for any possible pullbacks.
The technical setup looks better and better now that Bitcoin has filled a gap in CME Group’s Bitcoin futures. Rekt Capital said, “Bitcoin has successfully found support within the Daily CME Gap.” This news strengthens the bullish story and gives traders who are betting on higher objectives more confidence.
Bollinger Bands Deliver Classic “Head Fake” Signal
The Bollinger Bands indicator has created what its author, John Bollinger, called a “head fake” pattern. This is probably the most interesting technical development. The cryptocurrency momentarily dropped below the bottom band before quickly reversing, much like it did at prior swing lows in 2025.
“Bitcoin and a number of other cryptos are setting up a head fake after a Bollinger Band Squeeze,” Bollinger said, warning analysts to stay alert. When paired with other bullish indications, this pattern usually means that there is strong underlying momentum and that big upward gains are about to happen.
The hourly chart shows that the price is bouncing off the upper Bollinger Band, which means that it is consolidating well before the next leg up. This technical behavior is similar to what has happened in the past before big price changes in Bitcoin.
Bitcoin Price Prediction and Outlook
Bitcoin looks like it is in a good position to keep going toward $119,000 in the foreseeable future, based on the present technical analysis and market structure. The fact that there have been successful gap fills, Bollinger Band head fake patterns, and clearing of upside liquidity all point to the fact that institutional accumulation is still going on at these levels.
However, traders should be careful because economic data releases and Federal Reserve policy choices could cause prices to change. Because the cryptocurrency has recently been linked to traditional risk assets, any big economic shocks could temporarily stop the positive trend.
If Bitcoin stays above the $114,000 support zone and the economy doesn’t get any worse than expected, the target range of $119,000 to $120,000 looks like it could be reached in the next 2 to 4 weeks.
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