Bitcoin’s back in action! After dipping to near two-week lows, BTC surged above $119,000 on Sunday, proving that bulls still have some fight left in them. The price volatility that we’ve all grown to love (or hate) is back, just in time for the weekly close.
Bitcoin (BTC) approached a key reclaim area, with the pair eyeing a daily close above its 10-day simple moving average. After a brief dip near $114,500, the market has decided to forget one of the largest BTC sales in history and move on. Now, that’s the kind of attitude I can get behind.
The big rally came after some good news on the global trade front. The U.S. and China agreed to delay introducing reciprocal trade tariffs. This news was enough to shift market participants’ focus back to the important technical levels for the week ahead.
Crypto investor and entrepreneur Ted Pillows summed it up perfectly on X:
“$BTC needs to break above $119.5K for a big move. If that doesn't happen, this consolidation will continue.”
No pressure, Bitcoin, but those are some pretty big shoes to fill. Ted’s thinking that Bitcoin could smash through that level next month, kicking off the next leg up. Let's hope he’s right!
Bitcoin Eyes $120K
Rekt Capital, a popular trader and analyst, has his eye on a slightly higher target. He’s eyeing the $120,000 mark, pointing out that Bitcoin’s daily close above the “blue Range Low” suggests it’s trying to break back into a range it briefly lost. Any dips into that range would be a retest to confirm the reclaim. Sounds technical, but it’s essentially a fancy way of saying, “If Bitcoin dips, it’s just checking to make sure it’s not tripping.”
#BTC
— Rekt Capital (@rektcapital) July 27, 2025
Bitcoin has Daily Closed above the blue Range Low, kickstarting a break back into the very briefly lost Range
Any dips into the Range Low (confluent with the new Higher Low) would be a retest attempt to confirm the reclaim$BTC #Crypto #Bitcoin https://t.co/65vWRJGSUt pic.twitter.com/wgavHZXhLa
But, of course, not everyone’s as optimistic. Some traders are still eyeing the downside, with CrypNuevo noting a potential target at $113.8K. “If we zoom out, the main liquidation level is at $113.8k,” he said in an X thread. Looks like Bitcoin still has a few hurdles to clear before it can start throwing a victory party.
Liquidation clusters: we're in-between 2 liquidation clusters located at:
— CrypNuevo 🔨 (@CrypNuevo) July 27, 2025
• $121k - $120k
• $114.5k - $113.6k
Based on similarities with previous cases, we could go for the cluster above first, and then reverse again to the bottom one. It's a range-bound environment. pic.twitter.com/Z6XjzsVaKg
Brace for Volatility
As if things weren’t already spicy enough, analysts are predicting some serious volatility ahead. The latest data from CoinGlass shows that the "max pain" for BTC shorts is hovering around $119,650. If Bitcoin pushes for an all-time high near $123,000, we could see over $1.1 billion in short liquidations. That’s a lot of cash.
Crypto analysis platform Coinank also noted strong resistance forming between $119,000 and $120,000. The dense liquidation clusters in this range could cause some major price swings, so keep your eyes peeled. And if that wasn’t enough, TheKingfisher, another analyst, warned of heightened volatility on short timeframes. The “red” on the BTC GEX+ chart indicates that dealers are heavily shorting Bitcoin, which could amplify price swings as they hedge their positions.
Seeing predominantly red on the BTC GEX+ chart. This indicates dealers are heavily short gamma, suggesting they may amplify volatility to hedge their positions. Expect potentially larger price swings in the near term. Monitor these shifts closely.
— TheKingfisher (@kingfisher_btc) July 27, 2025
Explore more data-driven… pic.twitter.com/5tLlcDzMck
So, what’s next for Bitcoin? With the market primed for bigger price moves and volatility, it’s safe to say that the next few weeks are going to be wild. Keep watching, because Bitcoin’s about to make things very interesting.
Alex Shepel
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