Bitcoin Is Still Moving Inside a Rising Wedge on the Daily Chart, Here Are the Next Levels to Watch

Bitcoin remains inside a rising wedge, with key levels at $110K downside and $130K upside.

Market data shows BTC trading at $117,617, up 101% year-over-year with strong upward structure.

Analysts point to August breakout potential, with bold targets reaching $380K if bullish momentum holds.

Bitcoin continues to move inside a rising wedge formation on the daily chart, according to multiple market observations. The structure shows converging upward trendlines, with support and resistance defining the current trading range. Traders are watching closely as the market prepares for a potential decisive breakout.

Rising Wedge Formation and Current Levels

According to analysis prepared by Captain Faibik via X, Bitcoin remains inside the rising wedge on the daily chart. The upper boundary connects several recent highs, while the lower trendline has confirmed support through repeated testing. This setup reflects controlled price action, with higher lows and steady upward momentum recorded since March.

Market data from CoinMarketCap shows Bitcoin trading at $117,617, marking a yearly gain of 101.34%. The market capitalization stands at $2.34 trillion, while daily trading volume is recorded at $65.12 billion. Price action since September 2024 has shown consistent growth from $57,561 to the current levels, despite periods of consolidation.

Source: CoinMarketCap

The bearish case focuses on a confirmed break below the wedge, which could drive Bitcoin toward the $110,000–$105,000 range. Such a move would reflect loss of wedge support and an increase in selling pressure across the daily timeframe.

Bullish Scenario and Future Targets

The bullish case, according to Captain Faibik, points to support holding firm and Bitcoin pushing through $125,000 resistance. In that scenario, the next target would open toward $130,000 and higher, extending the existing upward trend. This aligns with the observed momentum since July, where Bitcoin consistently traded above $100,000 with steady gains.

Source: Chiefy(X)

Another observation from Chiefy noted that Bitcoin could hit a breakout stage on August 18. “The next target is $380,000, and lowcaps will pump 250–300x,” Chiefy stated. He further mentioned that “every $150 today will turn into $30,000 next month,” referring to possible outcomes of the expected breakout.

Current chart structures confirm that Bitcoin continues consolidating inside the wedge boundaries. Market participants await confirmation of either a bearish correction toward lower levels or a bullish extension toward new highs.

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