- BTC’s breakout above $115,966 with volume signals potential rally toward the $121,000 resistance zone.
- Momentum indicators and bullish patterns suggest a shift in short-term trend toward recovery.
- Analysts see $118K and $121K as next targets if bullish pressure continues and volume remains strong.
Bitcoin (BTC) recently closed with a strong bullish daily candle above the $115,966 level, backed by rising volume and momentum. This price action indicates a possible breakout structure forming, with bulls aiming for the next resistance zone around the $121,000 mark. At the time of writing, BTC was trading at $113,823.
Bullish Close Sparks Recovery Sentiment
According to analysis prepared by CliftonFx, BTC’s recent bullish daily candle above $115,966 signals renewed buyer strength after a brief correction. The breakout candle was supported by increased volume, suggesting higher market interest during the move.
The $115,966 level had served as a key resistance during the prior downtrend. Reclaiming this level with confirmation from momentum indicators adds weight to a potential upside continuation. Momentum tools such as the RSI and MACD showed a short-term trend shift aligning with the price move.
Bitcoin had faced heavy selling pressure after hitting a local peak near $122,000, resulting in a pullback toward the $114,000 support. That level held temporarily and led to a moderate rebound. If buyers maintain pressure, the market could test the $118,000 zone before approaching $121,000.
Broader Market Conditions and Resistance Levels
According to an observation by analyst Mags, the recent pullback toward $115,000 was a bullish retest of an inverse head-and-shoulders pattern. The weekly chart shows a potential long-term target of $172,000 if the breakout structure remains valid.
The Fear & Greed Index dropped to 65 but stayed in the greed zone, signaling steady investor confidence. Monthly closing data from CoinGlass shows BTC ended July up 8.13%, which aligns with typical post-halving behavior.
At the moment, the $121,000 region remains a key resistance level, having acted as a rejection point during previous rallies. If bulls clear this area with volume, a sustained move higher could follow. Crypto trader Captain Faibik noted, “BTC is still inside the channel, and a bounce toward $118,000 remains likely if current momentum continues.”
