TLDR:
- BTC price trades at $119,366, facing resistance around $119,400 and $120,400 levels.
- Analysts see low August performance as a repeat of past seasonal trends before October rallies.
- BTC’s SuperTrend weakens with lower highs forming since the $120,430 local peak.
- Liquidity near $118K holds key; breakdown risks opening deeper downside toward $116K.
Bitcoin is stuck in a tight range again. After showing strength through June and July, the momentum has slowed near $120,000. Traders are watching closely with August not far, a month that’s known for unpredictable swings.
Volatility often creeps in around this time, usually followed by strong action in October. With liquidity thinning out, short-term risks are rising on both sides.
BTC Price Stalls Near Local Resistance
Bitcoin’s current price sits at $119,366, according to CoinGecko. It hasn’t moved much over the past 24 hours but is up 4.86% on the week. The price remains trapped between major bid levels near $118,000 and ask walls up to $119,400.
Technical analyst IT Tech reported that Bitcoin is trading in yesterday’s sell zone.
According to their 15-minute footprint chart, sellers are stacking orders above $119,000, while long liquidations are building below $118,000. The structure suggests continued pressure as bears reject bounces past the $119,400 area.
Crypto analyst Daan Crypto Trades noted that Bitcoin’s returns for June and July have been average this year.
$BTC Has seen a pretty average return for June & July so far this year.
August has historically not been the best month but still sees a +1.75% average return over the years. Generally August & September are pretty choppy and liquidity goes down.
We have also always seen a… pic.twitter.com/t45UCpMlFo
— Daan Crypto Trades (@DaanCrypto) July 17, 2025
Historically, August and September bring weaker price action and a drop in trading activity. He pointed out that sharp drops often occur during these months before Bitcoin typically rallies in October.
This seasonal pattern sets up a tricky stretch. When price stays flat, speculative narratives in smaller sectors tend to rise. This could pull attention away from BTC, especially if trading volumes dip.
Key Bitcoin Price Zones to Watch Now
Current resistance remains stacked at $119,400 and $120,400. Any move above these levels could trigger stops and test $121,000.
However, failing to hold the $118,000 level would expose Bitcoin to downside risk, with support seen at $117,200 and further down at $116,000.
IT Tech explained that if BTC loses the $118,000 bid shelf, the door opens to lower liquidity zones. Conversely, a strong 15-minute close above $119,400 could lead to a short squeeze targeting the next range top.
Price is chopping in yesterday’s sell zone. The footprint shows sellers re-loading above 119 K, while the right-hand bar highlights long liquidations stacked from 117.8 K down.
— IT Tech (@IT_Tech_PL) July 17, 2025
The setup reflects a market unsure of direction. The SuperTrend ribbon is losing strength, and lower highs have formed since the $120,430 peak. Momentum is cooling, and bulls must reclaim levels quickly to stay in control.
As August approaches, traders should stay alert. Whether Bitcoin breaks out or breaks down, it’s entering a zone known for surprises. The next major move might not wait until October.
The post Bitcoin Faces Resistance Near $120K: What’s Next for BTC Price? appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-faces-resistance-near-120k-whats-next-for-btc-price/