• Bitcoin reached a new all-time high of $118,856.47 during East African noon hours.
• RSI stands at 73.58, and MACD indicates strong bullish momentum above the zero baseline.
• PolyMarket assigns an 80% probability that Bitcoin will reach $120,000 by the end of July 2025.

During the noon hours of East African Time, Bitcoin, the first and largest cryptocurrency by market cap, attained a new all-time high figure. As per CoinMarketCap data, the digital asset has attained a high of $118, 856.47 making it a new value in history. This uptick has made many market observers weigh in on the next move, with some eyeing 120K as the next target.

Current Bitcoin Market Movement Revealed

Tracking the ongoing market trend at the time of press, market data reveals that Bitcoin is trading at $117,978.96, up 0.18% over the previous 24 hours. The market cap stands at $2.34 trillion. Trading volume has reached $71.54 billion, down 35.6% from the previous day. 

Additionally, the volume-to-market cap ratio is 3.07%. Price movement within the day shows fluctuations between $116.50K and $118.50K. The Fully Diluted Valuation (FDV) is recorded at $2.47 trillion. The trading chart displays alternating upward and downward momentum across the 24 hours. Bitcoin maintains a profile score of 100% on the platform.

Technical Analysis Confirms Sustained Momentum 

According to a TradingView analysis, the Relative Strength Index (RSI), calculated over a 14-day period, is currently measured at 73.58. This level places the RSI above the 70 threshold, indicating overbought conditions. The last instance of a similar RSI level occurred in early March 2025. Following that, the price experienced minor pullbacks within the channel’s structure. 

RSI levels above 70 have historically coincided with resistance testing, though trend direction remains aligned with the broader uptrend. The Moving Average Convergence Divergence (MACD) indicator provides further confirmation of upward strength. The MACD line currently reads 2,558.70, while the signal line stands at 1,497.24. The histogram shows increasing divergence between the two lines, indicating growing momentum. 

Both the MACD and signal line remain above the zero baseline, confirming sustained bullish trend strength. Bitcoin’s price has repeatedly tested and bounced from the regression channel’s lower trendline throughout 2025. These rebounds occurred five times, forming consistent support patterns. The upper trendline remains the active resistance zone. 

PolyMarket Data Hints at Positivity: Is 120K the Next Stop?

To further validate the expected uptick, market participants are optimistic about a continued price surge to the 120K level. According to PolyMarket data as of press time, the data shows an 80% probability that Bitcoin will reach $120,000 by July 31, 2025. Trading volume at this level stands at $1,724,744. 

The $125,000 target holds a 45% probability with $53,265 in volume. A 20% chance is assigned to the $130,000 target, supported by $1,491,416 in volume. The $140,000 target has 7% likelihood and $81,849 volume. The $150,000 outcome shows a 3% probability with $2,316,991 in volume. The $200,000 price target holds less than 1% probability and $775,491 volume. The lowest pricing probabilities reflect decreasing expectations for higher outcomes before August 1, 2025.