Bitcoin (BTC) Price News: Bitcoin Surges to New ATH Ahead of Crypto Week, Inches Toward $120K Breakout

The bullish momentum has reignited excitement across the market, even as analysts flag low trading volumes and mixed signals from technical indicators.

At the time of writing, the Bitcoin price today hovers near $118,700, having gained around 1% in 24 hours. According to CoinMarketCap, Bitcoin’s market capitalization has surged past $2.5 trillion. The recent spike follows a weekly gain of nearly 10%, marking one of the steepest climbs in recent months.

Bitcoin (BTC) was trading at around $118,722, up 1% in the last 24 hours at press time. Source:Bitcoin Liquid Index (BLX) via Brave New Coin

Bitcoin technical analysis points to strong upward momentum. After bouncing from a June low of $98,240, BTC broke above key resistance between $110K and $112K. The daily chart shows a clear uptrend of higher highs and higher lows. However, trading volume has tapered off since the breakout, suggesting possible consolidation around the $117K–$118K zone.

Technical indicators paint a mixed picture. The RSI stands at 74, indicating overbought conditions, while MACD levels remain bullish. Support levels are seen near $117,000 and $116,600, with short-term bullish momentum intact if prices hold above these zones.

Investor enthusiasm has grown ahead of Crypto Week, scheduled from July 14 to 17. The U.S. House of Representatives is set to review three pivotal pieces of crypto legislation: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Passage of any of these could reshape the regulatory landscape for cryptocurrencies.

July 14, 2025, marks a historic week for crypto with key U.S. House votes and the ISO 20022 infrastructure launch. Source: Danny via X

Despite efforts by some lawmakers to launch an “Anti-Crypto Corruption Week,” market sentiment remains firmly bullish. The total crypto market cap now exceeds $3.71 trillion, driven largely by Bitcoin ETF news, Ethereum’s return above $3,000, and strength in altcoins like XRP and ADA.

According to market analysts, Bitcoin’s recent rally has parallels to previous pre-halving cycles. With the next Bitcoin halving in 2025 on the horizon, long-term bulls view the current price movement as part of a broader uptrend.

Bitcoin’s breakout above $110K confirms strong bullish momentum, with buyers in control and $120K as the next key resistance target. Source: Jayden_Traders on TradingView

MicroStrategy’s resumed Bitcoin purchases have added further fuel. As institutional players continue to allocate capital, the path to $120K appears within reach—though traders remain cautious due to the current low-volume environment.

While today’s Bitcoin news is overall positive, market analysts are closely monitoring for volume and macroeconomic effects. With a mix of conflicting oscillator signals—high CCI and overbought momentum readings—a slowdown may be imminent.

Bitcoin is at a pivotal level that will decide whether it pushes toward higher targets or enters a deeper correction in the coming weeks. Source: noureddinr on TradingView

But the broader trend is still supported by institutional buying, optimistic legislative progress, and improved technical infrastructure. Thus, the majority believe that Bitcoin is ready to make a sustained upward move, possibly through the $120,000 psychological point in the near term.

For now, all eyes are on Crypto Week and the critical resistance level just above $119K. A clean breakout with renewed volume could mark the next leg of this bull cycle, setting the tone for Q3 2025.