TLDR
- Bitcoin (BTC) rebounded from $115,730 lows and broke above $119,500 and the 50% Fibonacci retracement level
- Analyst Ali Martinez predicts Bitcoin could rally to $132,000 if it closes above $121,000 daily
- Key resistance levels are at $121,400 (76.4% Fib level) and $123,150, with potential targets at $124,200-$126,200
- Support levels are positioned at $119,000, $115,500, and $110,500 for any pullbacks
- Bitcoin is currently consolidating just under the crucial $121,000 psychological barrier
Bitcoin has staged a strong recovery from recent lows, breaking through key technical levels and drawing attention from traders eyeing higher targets. The cryptocurrency bounced back from its $115,730 bottom and moved above $119,500, crossing the 50% Fibonacci retracement line in the process.
The rebound took Bitcoin above the 50% Fib level, measuring the retracement from the swing high of $123,140 to the low of $115,730. Bulls managed to push the price above $118,000 and $118,500 resistance levels, showing renewed buyer interest.
There was also a breakout above a bearish trend line around $119,000 on the hourly chart. Bitcoin is now trading above $119,500 and the 100-hourly simple moving average, demonstrating technical strength.
The cryptocurrency had previously corrected lower from its peak of $123,200 last week. Prices fell below $120,000 and tested the support area of $115,500 before finding a bottom at $115,730.
Key Resistance Levels Ahead
The nearest resistance sits around the $120,200 mark. A stronger barrier exists around $121,400, which corresponds to the 76.4% Fibonacci retracement level.
Analyst Ali Martinez has identified $121,000 as a crucial level for Bitcoin’s next move. He believes a daily close above this level could ignite a sharp rally toward $132,000.
A daily close above $121,000 could pave the way for #Bitcoin $BTC to rally toward $132,000! pic.twitter.com/MOI30wi3BQ
— Ali (@ali_charts) July 17, 2025
The $121,000 mark has become a major psychological barrier. If this level is broken and converted into support, institutional and breakout traders could push prices into higher ranges.
A clean breakout above $123,150 could spur advances to $124,200. Above that level, bulls might focus on $125,000 and $126,200 as the next targets.
Support Structure Remains Intact
If Bitcoin struggles at the $121,400 resistance again, several support levels could provide a safety net. The first support lies near $119,000, reinforced by the 100-hourly SMA.
A deeper dip may find buyers near $117,500. If that fails, the $115,500 support zone will be tested once more.
A drop below $115,500 could send the price down to around $113,500. The main support sits at $110,500, below which bears could take control.
The last line of defense is positioned around $105,000, where a broader correction could begin.
Technical indicators show the hourly MACD is losing pace in the bullish zone, while the RSI for BTC/USD remains above the 50 level.
Bitcoin is currently consolidating just under the crucial $121,000 level as traders await the next directional move.