- Bitcoin reclaims $122K with strong volume surge, turning resistance into support.
- RSI at 78.67 flags overbought zone, but momentum remains strongly bullish.
- Open interest jumps 6.61% to $41.4B, signaling rising leverage and trader optimism.
Bitcoin surged past the $122,000 mark on July 14, sparking renewed optimism among crypto traders and investors. The asset posted a strong daily gain of 3.69%, closing at $122,358.85.
Backed by surging trading volume and bullish technical indicators, Bitcoin now finds itself at a key inflection point. Market participants are closely watching whether the rally can continue beyond the recent high of $122,400.
Support Holding Strong, Resistance Flipped
Bitcoin’s recent price behavior has firmly shifted the balance toward buyers. The $120,000–$121,000 zone, once acting as strong resistance, has now turned into solid support.
The $118,000 to $119,000 area also offers a cushion, especially following multiple consolidation phases there. If selling pressure increases, traders may look to the $113,410 level as the next key support, marking the lowest intraday point.
On the upside, Bitcoin briefly touched $122,400, its highest level during this session. This zone could form short-term resistance if bullish momentum stalls. However, with buyers in control and strong volume confirmation, a breakout above this level could spark further upside movement.
Moreover, Bitcoin’s 24-hour trading volume soared by 131% to $103 billion. This substantial spike not only confirms the breakout but also highlights renewed interest across spot and derivatives markets.
Momentum Indicators Signal Strength but Call for Caution
Technical indicators reveal robust bullish momentum. The MACD shows a clear bullish crossover, with both the MACD and signal lines rising sharply. The histogram continues to expand, echoing trends last seen during late 2023’s major rally.
Meanwhile, the RSI stands at 78.67, placing Bitcoin deep in the overbought territory. This suggests that while momentum is strong, some form of consolidation or short-term correction could emerge. However, in previous bull markets, RSI stayed elevated for extended periods, allowing prices to rally further.
Open interest data adds another layer of insight. Total open interest across all contracts hit $41.4 billion, up 6.61% in just 24 hours. Binance leads with $14.7 billion, followed by Bybit and Huobi. Perpetual contracts dominate with $39.3 billion, indicating traders are betting on continued short-term price action.
