The Bitcoin price today is trading close to $121,964 after clearing the $118,803 barrier that capped upside momentum earlier this month. The move broke out of a multi-week symmetrical triangle on the 4-hour chart and pushed price into a test of the $122,000 area.
This is the same level that acted as a prior swing high on the daily Smart Money Concepts chart, flagged as a “weak high” where liquidity remains uncollected. If buyers can secure a solid daily close above it, there is room for an advance toward $124,193.
On the daily timeframe, BTC remains well within the rising parallel channel that began in April. The median line near $121,500 has been reclaimed, which positions the market for a potential advance toward the channel’s upper boundary near $125,785. The daily Parabolic SAR signal is well below current price at $112,472, reinforcing the strength of the prevailing uptrend.
The daily On-Balance Volume is holding above -84.48K, indicating that there is no significant distribution despite recent gains.
Why Bitcoin price going up today?
Several factors are working in the bulls’ favor. On the 4-hour chart, BTC punched through a dense EMA cluster: the EMA20 at $117,802, EMA50 at $116,671, EMA100 at $116,369, and EMA200 at $115,295. Those moving averages are now stacked as support beneath the market.
Bollinger Bands are widening noticeably, and the upper band at $120,696 is now trailing price, indicating an active volatility expansion phase. The Fibonacci pivot model shows that R3 at $120,800 has been cleared, leaving R4 at $122,655 as the next intraday resistance. Above that, R5 is located near $125,785 in line with the channel top.
There is also evidence of aggressive accumulation. Spot netflow data from August 11 recorded an inflow of $169.04 million during the breakout.
Structurally, the last Break of Structure on the daily SMC chart came in above $118,000, leaving $122,030 as the next thinly defended high. Demand zones between $112,300 and $113,190 remain untested and form the clearest invalidation area if the rally fails.
Bitcoin Price Prediction: Short-Term Outlook (24h)
If bullish momentum continues and BTC secures a close above $122,030, this would confirm a liquidity sweep and open the path to $124,193. A further move toward $125,785 near the top of the rising channel would then become possible. The bullish view would be invalidated on a close below $118,803, which could trigger a deeper pullback toward $116,671 and potentially into the $113,190–$112,300 demand zone.
In a bearish scenario, rejection from $122,030 followed by a drop under $120,800 could lead to profit-taking. A close below $118,803 would expose downside liquidity at $117,292 and potentially at the $115,507 support level. A break beneath $113,190 would shift short-term sentiment to bearish, with the $112,300 demand zone becoming the next target.
Confidence: High. The alignment across multiple timeframes, strong spot inflows, and a confirmed breakout structure support the bullish bias. However, the proximity to liquidity near $122K means a clean breakout confirmation is still important before expecting continuation.
Bitcoin price forecast table: August 12, 2025
| Indicator/Zone | Level / Signal |
| Current price | $121,964 |
| Resistance 1 | $122,030 (weak high) |
| Resistance 2 | $124,193 (liquidity target) |
| Stretch target | $125,785 (channel top) |
| Support 1 | $118,803 (breakout base) |
| Support 2 | $116,671 (EMA50) |
| EMA20 / EMA50 / EMA100 / EMA200 (4H) | $117,802 / $116,671 / $116,369 / $115,295 |
| Bollinger Bands (4H) | Upper $120,696 / Mid $117,399 / Lower $114,102 |
| Pivot R3 / R4 / R5 | $120,800 / $122,655 / $125,785 |
| Supertrend (Daily) | Bullish above $112,472 |
| Key demand zone | $113,190 – $112,300 |
| Spot netflow (Aug 11) | +$169.04M |
| Pattern status | Symmetrical triangle breakout (4H) and rising channel (Daily) |
| Liquidity targets | $122,030 / $124,193 |
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