The post Bitcoin Pushes Past $119K, Eyes a New Breakout appeared on BitcoinEthereumNews.com.

Bitcoin is pushing past $119,000, attempting to break out of its recent consolidation range The move is a challenge to the key $118,483 resistance level, which analysts have been watching closely This comes as the RSI has cooled off from overbought levels, signaling the market has reset for a new move Bitcoin is pushing past $119,000 on Wednesday, attempting to break out of the tight trading range that has defined its price action since setting an all-time high last week. The move is a direct challenge to the key $118,483 resistance level, a zone that analysts have been watching closely as the critical pivot for the next major move. Bitcoin has been trading within a narrow zone after its sharp rejection from above $123,000 last week. The 1-hour chart shows high volatility, but this is the first time the price has made a convincing push above the top of the range. The Battle for the Breakout Level Trader DaanCryptoTrades recently highlighted the $118,483 level as the key line in the sand. He noted that a clean reclaim of this zone could set up a move back toward the recent all-time high near $123,207. So far, attempts to break above it have failed, with repeated rejections keeping the price capped. On the downside, support sits around $115,719, with a secondary level marked at $115,215. A breakdown below this area could bring additional selling pressure. Support sits around $115,719, with a secondary level marked at $115,215. A breakdown below this area could bring additional selling pressure. The current structure points to possible downside if buyers fail to defend that zone. Price action earlier this week showed signs of recovery, but momentum stalled once it reached the resistance zone. Until that level is cleared, intraday traders may continue working within the tight structure.…

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Filed under: News - @ July 16, 2025 9:30 pm