Bitcoin’s momentum cooled slightly after reaching a new all-time high of $118,839, yet the broader trend remains bullish. With bitcoin trading at $118,142, holding a market capitalization of $2.34 trillion, and posting a 24-hour trading volume of $39.03 billion within a range of $116,847 to $118,158, traders are cautiously eyeing the next move. Bitcoin On the daily chart, bitcoin continues to exhibit strength after rallying from a June low of $98,240. The breakout above the prior resistance zone of $110,000 to $112,000 was supported by heightened volume, indicating solid institutional participation. Large bullish candles have continued into July 11, reflecting strong upward momentum. A clear uptrend structure remains intact, characterized by higher highs and higher lows. The next significant hurdle is the psychological resistance at $118,839, a new all-time high, where any rejection may trigger a corrective phase. BTC/USD daily chart via Bitstamp on July 12, 2025. The 4-hour BTC/USD chart shows a stair-step bullish continuation following the breakout beyond $112,000, pushing toward $118,839. Despite consistent bullish candles earlier in the week, recent candlestick formations reflect market indecision, especially within the consolidation zone between $117,000 and $118,000. Volume, which initially spiked during the breakout, has begun to taper. A potential dip to the $117,000 area could offer attractive entry opportunities, provided price action remains supported by volume. For confirmation of a continued rally, a sustained breakout above $119,000 is essential. BTC/USD 4-hour chart via Bitstamp on July 12, 2025. On the 1-hour timeframe, bitcoin‘s price movement has been confined within a narrow band of $117,500 to $118,500 following the peak. The microtrend leading to the high remains valid; however, a series of doji and small-bodied candles point to market indecision. This, coupled with a noticeable decline in volume, suggests a short-term consolidation or even a potential pullback. Support around $117,500 and minor levels near $116,600 remain critical to maintaining short-term bullish momentum. Breakout traders may watch for renewed strength above $118,839 with increased volume. BTC/USD 1-hour chart via Bitstamp on July 12, 2025. Oscillator indicators show mixed sentiment across the board. The relative strength index (RSI) stands at 74, indicating near-overbought conditions, while the Stochastic oscillator reads 93, also in the neutral zone but trending higher. The commodity channel index (CCI) at 239 and the momentum oscillator at 9,256 both signal bearish conditions, suggesting that some overextension could lead to a pause or reversal. In contrast, the moving average convergence divergence (MACD) level at 2,575 offers a bullish signal, hinting at underlying foundational strength that has yet to fully dissipate. Moving averages present a unified bullish outlook, with all major timeframes—from the 10-period to the 200-period, both exponential (EMA) and simple moving averages (SMA)—issuing bullish signals. The exponential moving average (10) at $112,648 and the simple moving average (10) at $111,543 provide short-term support. Even on the broader spectrum, the exponential moving average (200) at $96,451 and the simple moving average (200) at $96,908 confirm the long-term uptrend. With the price well above these averages, the structural integrity of the uptrend remains unchallenged for now. Bull Verdict: Bitcoin remains in a robust uptrend supported by favorable moving averages and strong historical momentum, with the potential for further gains if $119,000 is decisively breached. While short-term consolidation may persist, the broader structure suggests continued bullish bias, especially if volume reaccelerates on breakouts and support near $117,000 holds firm. Bear Verdict: Despite bitcoin’s impressive rally, signs of waning momentum—including declining volume and sell signals from the momentum and commodity channel index (CCI) oscillators—raise caution. A failure to surpass $118,839 or a break below key support at $117,000 could trigger a short-term pullback toward $114,000 or lower, especially if buyers remain sidelined.