Bitcoin Price Stands High Amid Crypto Bill Passed in Crypto Week

Bitcoin (BTC) is once again at a critical juncture. After a strong rally in early July pushed the leading cryptocurrency to fresh 2025 highs, Bitcoin is now showing signs of exhaustion.

As of today, BTC is trading near $118,400, struggling to hold above the key psychological and technical level of $120,000.

Bitcoin price at $120K+ on July 18, 2025 | Source: Bitrue

Despite maintaining some bullish structures, the market is displaying mixed signals. From technical indicators to derivatives and market structure analysis, traders are on high alert for the next decisive move.

Here’s a comprehensive look at what’s happening with Bitcoin and what could come next.

Read Also: What Happened in Crypto Week Today? Here’s Everything You Need to Know

What’s Happening With Bitcoin’s Price?

1. 4-Hour Chart: Short-Term Resistance Emerging

Bitcoin remains above a strong 20/50/100/200 EMA cluster between $116,420 and $113,653, suggesting bulls still maintain medium-term control.

However, price action is stalling below the Bollinger Band mid-line at $118,727, with the upper band at $122,056 acting as firm resistance.

Recent candlesticks show smaller bodies and lower wicks, pointing to buyer hesitation right below key resistance, especially near the $120,000 level.

2. Daily Chart: Ascending Triangle Breakout Loses Steam

BTC recently broke out of a long-term ascending triangle, a classic bullish pattern. However, it's now pausing at a major horizontal resistance near $120K, a level untouched since December 2024.

The Chande Momentum Oscillator, currently above 64.8, is beginning to curve downward, often a signal of fading trend strength. Price is now compressing between the Bull Market Support Band (~$100,297) and a rising wedge top.

Despite the Parabolic SAR suggesting trend continuation, the On-Balance Volume (OBV) has flattened around 1.84M, indicating stalled capital inflows.

Why Is Bitcoin Price Going Down Today?

Major news events do not drive the price dip today, but rather technical exhaustion and weakening dominance:

1. BTC Dominance has broken down from a rising wedge pattern.

2. RSI on the weekly chart has dropped to 50.98, while the MACD has entered bearish crossover territory, a warning that capital may be rotating out of Bitcoin and into altcoins.

On the Smart Money Concepts (SMC) chart, a Break of Structure (BOS) followed by a failed breakout at $119.2K suggests the recent high may have been a liquidity trap. Key downside liquidity pools around $108K and $100K remain vulnerable.

Read Also: GENIUS Act Boosts Bitcoin: What the Stablecoin Bill Means for Crypto Market

Indicators and Derivatives Signal Incoming Volatility

Source: Coinglass

Derivative Data Insights (Source: Coinglass):

1. 24h BTC Volume: ↓ 17.25%

2. Options Volume: ↓ 39.35% to $4.42B

3. Options Open Interest: ↑ slightly at $51.85B

4. Futures Open Interest: Elevated at $86.77B

5. Long/Short Ratio: 0.969 (neutral)

6. Binance Top Traders Ratio: Bullish bias at 1.95

The tightening of Bollinger Bands on the 4-hour chart near $118K indicates the market is gearing up for a volatility expansion. The direction of this move will largely depend on whether Bitcoin can reclaim $120,000 with strong volume.

BTC Price Prediction: 24-Hour Outlook

Although the Parabolic SAR and EMAs suggest continuation of the uptrend, weakening OBV and derivatives volume imply a short-term pullback may occur before any sustained rally.

Traders should watch the $118,000–$120,000 range closely—it remains the immediate battlefield for BTC.

Read Also: GENIUS Act and Clarity Act: U.S. House Passes Historic Crypto Bills in Major 'Crypto Week' Shift

Conclusion

Bitcoin’s price action is entering a pivotal phase, caught between continued bullish structure and signs of weakening momentum. 

Whether we see a breakout or breakdown, volatility is guaranteed. Stay informed with in-depth updates, charts, and market insights on Bitrue Blog.

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FAQ

Why is Bitcoin struggling to break $120,000?

Key resistance levels, fading momentum, and reduced volume have caused price rejection at $120K, a zone last tested in December 2024.

What indicators suggest Bitcoin may go lower?

Flattening OBV, bearish MACD crossover, RSI drop, and unmitigated liquidity pools around $108K–$100K all indicate downside risk.

What could trigger the next Bitcoin breakout?

Reclaiming $120,500 with strong volume and bullish momentum could push BTC toward $122,700 and $125,000.

Where can I follow daily Bitcoin market updates?

Visit the Bitrue Blog for expert crypto analysis, trading insights, and the latest trends in the digital asset market.