Bitcoin pushed over $119,000 on Wednesday, trying to break out of the tough trading range that defined price action since last week’s highest setting. The move is a direct challenge to a $118,483 resistance level, a zone analysts have been closely watching as a key pivot for their next major move.
Bitcoin is trading within a narrow zone after a sharp rejection from over $123,000 last week. The 1-hour chart shows high volatility, but this is the first time the price has made a more convincing push than the top of the range.
Fight for breakout levels
Trader Daancryptotrades recently highlighted the $118,483 level as a sand keyline. He said the clean reclamation of the zone could return to its recent history high of nearly $123,207. So far, attempts to break into it on top have failed as they have been repeatedly denied with a low price.
On the downside, the support is marked at around $115,719 and the secondary level is marked at $115,215. Failures below this area can cause additional sales pressure.
Bitcoin price level with volatility markers. sauce: daancryptotrades
Support is around $115,719 and the secondary level is marked at $115,215. Failures below this area can cause additional sales pressure. The current structure shows possible drawbacks if the buyer cannot 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, mid-day traders can continue to work within a tight structure.
Related: Bitcoin (BTC) Price Forecast for July 17, 2025
Bitcoin RSI shows neutral momentum after pullback
The Relative Strength Index (RSI) shows that Bitcoin’s momentum has cooled down after the recent buy spikes. The RSI exceeded 70 in early July. However, this move was short-lived. The RSI quickly returned to below 60, indicating that the buyer lost strength and the Larry disappeared.
Bitcoin RSI with moving average overlay. sauce:TradingView
Since then, the RSI has remained between 50 and 60, with the moving average line continuing closely. This range refers to markets with no clear direction. The RSI line and its average crossed each other several times, showing choppy states and hesitation among traders.
Currently there are no signs of strong upside down or defective pressure. The momentum appears to be in balance, and neither buyers nor sellers have complete control. Bitcoin could remain within its current range until the RSI exceeds 70 and falls below 30 or below 30.
Macro factors that promote volatility
Despite the macroeconomic headwinds, this bullish move for Bitcoin is happening. US stocks have recently printed new highs, but have been seen choppy. The stronger US Dollar Index (DXY) and rising Treasury yields have put pressure on risky assets such as crypto.
The revenue season has also started in traditional markets, and often adds volatility. Combined with the usual low-liquidity seen during summer months, these factors could contribute to sharp daytime movements in the coming days.
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