Bitcoin Price Today: Bitcoin Flashes Bullish Pattern—Is a 50% Rally Just Around the Corner?

Bitcoin price today climbed above $116,800 as traders closely watch for a decisive breakout above key resistance. Analysts point to growing institutional confidence, robust technical signals, and historical chart similarities that suggest the leading cryptocurrency could be on the verge of another powerful rally.

In recent trading sessions, Bitcoin (BTC) has demonstrated strong upward momentum across multiple timeframes. As of August 7, 2025, BTC reached an intraday high of $116,848, buoyed by a 24-hour trading volume of $35.09 billion and a total market cap of $2.32 trillion.

Bitcoin price holds $112K support and plots a higher low, suggesting a further upside move above $120K ahead. Source: EdwinaCook on TradingView

On the daily chart, BTC is forming higher lows near the $112,000 support level—an indication of growing bullish pressure. Volume has steadily increased on green candles, a classic sign of buyer control. According to technical analysis from Bitcoin.com, Bitcoin needs to convincingly close above the $117,000 resistance level to confirm a sustained uptrend.

Shorter-term charts are even more promising. At the 4-hour time frame, BTC is already in a short-term bull trend with strong price action between $112,000 and $116,800. A breakout above this level can drive the asset towards $118,500 and possibly $120,000.

The 1-hour time frame shows a bullish engulfing candle underpinned by a volume spike—a confirmation that the buyers are in control of the short-term market. However, traders are reminded not to wait for false breakouts, especially in key resistance zones.

It’s a great tale in the making: Bitcoin’s recent price action eerily resembles the November 2024 breakout, where it went from $70,000 to $108,000 after successfully retesting a prominent resistance-turned-support level.

A potential Wyckoff spring signals a bullish Bitcoin reversal, pending confirmation with high-volume retests amid market volatility. Source: Galaxy via X

$BTC is in a very interesting spot, similar to the setup before its move from $70K to $100K, according to trader Galaxy who referenced the current uptrend on BTC’s 3-day chart.

While the context has shifted—with the trendline now bullish and macroeconomic uncertainty (i.e., U.S. trade tariffs) included—the bullish configuration remains in place. This time around, Bitcoin also benefits from future drivers like the 2025 Bitcoin halving, which has proven to be a long-term price driver through reduced new supply.

Market analysts have also dismissed fears of retesting the swing lows. The recent big low at about $112,000, seen on August 2, resembles past trends in April and June, both of which were minor bottoms that could not be revisited.

Market mood is gradually shifting from cautious to hopeful caution. Although there are conflicting oscillator indications, such as RSI at 54 and stochastic at 42, the overall technical picture is bullish.

Bitcoin (BTC) was trading at around $116,467, up 0.98% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

Shorter-term moving averages like the 10- and 20-period EMAs are flashing green, while longer-term indicators (50-, 100-, and 200-period EMAs and SMAs) continue in confirmation of the macro bull trend. “Bitcoin continues to get strong support at each pullback level, and this is a positive sign of accumulation,” crypto analyst Eva Tran explained.

Traders are hoping for a possible surge to $120,000, with some seeing long-term Bitcoin price targets between $135,000 and $150,000, fueled by rising institutional demand and its role as an inflation shield.

Several technical and historical indicators converge; the next Bitcoin price move could be decisive. Strong closure at the $117,000 level, with accompanying follow-through volume, could inspire a fresh impulse wave to the $120,000 level and beyond. Or, failure to hold at $114,500 could delay the rally and invite temporary corrections to $112,000.

As the Bitcoin halving 2025 approaches and news about ETFs builds in the regulatory scene, investors and traders are closely watching.