- Bitcoin rejected at $118K as momentum turns negative despite strong trading volume support
- RSI and MACD suggest short-term recovery while price hovers below critical $116K level
- Coinbase surpasses Tesla in BTC holdings with 11,776 coins amid market-wide volatility
The crypto momentum has taken a different direction, as during the volatile trading sessions, Bitcoin reached heights of nearly $118,630 and then saw a retreat. Recent technical and sentiment indicators suggest that the market is not sure of which side to take after an unsuccessful breakout.
Momentum Breakdown and Key Resistance Levels
The chart shared by Swissblock, titled “Bitcoin Price Momentum,” shows how momentum dynamics have evolved between December 2024 and July 2025. Early 2025 was marked by low conviction from buyers, as Bitcoin remained range-bound near $100,000 with negative momentum. This changed in April when momentum turned positive, lifting the price from $105,000 to just under $118,000 by mid-June.
Source: Swissblock on X
However, the trend reversed sharply by late June. Bitcoin’s inability to sustain levels above $118,000, coupled with a decline in momentum back into negative territory, marked what the chart labels as a “failed ignition.” This price zone now functions as a resistance level where bullish attempts have consistently met selling pressure.
Currently, Bitcoin trades below $115,000, with negative momentum prevailing. Traders are closely watching support near $110,000, with concerns of a further decline if selling persists.
Short-Term Indicators Signal Recovery Potential
Data from the August 1, 2025, Bitstamp 5-minute chart indicates Bitcoin rebounded from a recent dip to $113,900. At the time of capture, the price stood at $115,597, having regained ground swiftly. The RSI, which had approached the oversold zone during the drop, recovered to 56.75. This places it in neutral territory, showing space for potential upward movement.
Source: TradingView
The MACD also indicates a bullish crossover where the MACD line moves above the signal line. The histogram keeps increasing, which indicates that in the short term, buyers are in momentum. Along with this technical reversal came a trading volume expansion both in the decline and the recovery, which indicated a good market involvement.
Broader Market Data and Sentiment
According to the CoinMarketCap data, at the time of writing, the Bitcoin price is standing at $115,709.23 with a 2% decrease over the last 24 hours. Market cap is $2.30 trillion, and the 24-hour trading volume is also up by 27.21 percent to $89.2 billion. Such a volume increase is supplemented by recent volatility, as the price indicates a presence of interest at the current prices.
