Bulls Eye Breakout as Bitcoin Tests $120K

Bitcoin continues to battle with the upper end of the range it’s been stuck in for the past week. Markets were mixed, some coins ended green on the day while others dipped. Bitcoin was up over 2%, Ethereum closed red, Solana extended its strong run with a 5% gain, and both Sui and Hyperliquid remained in bullish form.

This is a prime opportunity for the bulls. If they can break through the $120K resistance, we could see a retest of the all-time high and a potential push towards $130K before month-end.

Jerome Powell delivered no surprises today, no indication of next week's rate decision, no response to recent criticism or resignation rumours. Despite fake headlines circulating about an official resignation, Powell remains firmly in place, with only a 22% chance of being replaced according to Kalshi. The market still expects two rate cuts later this year, with the first likely in September, a historically bullish setup for risk assets.

Overnight, new tariff deals were made between the United States, Japan, and the Philippines. Markets barely reacted, having become largely desensitised to these smaller announcements. Still, it’s a reminder that tariff tensions haven’t disappeared.

Stormrake Spotlight: Hedera (HBAR) ($0.272)

Yesterday we covered the long-term structure of HBAR, today we zoom in on the daily. It was a quiet session, up 1.52%, though those gains have been retraced this morning following Bitcoin’s slight pullback. Structurally, HBAR is in a strong position. It’s reclaimed both momentum and trend structure, setting the stage for a push towards the January high at $0.40. From there, all eyes shift to the all-time high.

BTC/USD Key Levels and Price Action:

A strong 24 hours for Bitcoin, up over 2% and bouncing cleanly off the $116K support. Bulls have regained momentum and created a higher high in the short-term structure. It briefly touched $120K earlier today, but the bears stepped in to defend. A clean break and close above $120K would confirm bullish continuation and open the door to a new all-time high. Without that, expect further consolidation in the near term.

BTC Total ETF Flows for 22 Jul: $ - 68.0 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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