Bitcoin price prediction: BTC may retest $122k as golden cross and RSI boost momentum
Bitcoin price has staged a rebound early Monday, surging 1.6% from $117,200 to touch a three-day high at $119,000.
This intraday recovery has wiped out all the weekend’s losses that saw bitcoin close lower for three straight days from Friday to Sunday. The bounce, driven by the Asian and European trading hours, puts bitcoin back within striking distance of the $120,000 psychological level.
Highlights
-Bitcoin jumps 1.6% to $119,000, reclaiming all weekend losses
-Short-term EMAs form a golden cross while RSI rise shows improving sentiment
-Fear and greed index holds at 68 as price stays compressed
Price action over the past week has been largely confined. Since piercing a fresh all-time high above $122,000 seven days ago, bitcoin has traded in a narrow range, respecting a floor around $115,700 and facing resistance just below $120,000. Throughout this period, the daily open and close levels stayed compressed between $117,000 and $120,000. This reflects indecision in the market following the recent peak and suggests that traders were waiting for a new directional catalyst.
Bitcoin price dynamic (July 2025). Source: Tradingview
That indecision has also been reflected in falling daily volume. As bitcoin consolidated under the highs, volume gradually thinned, confirming the lack of follow-through interest either to extend the uptrend or to trigger meaningful selling. Yet despite this reduction in activity, sentiment stayed firm. The fear and greed index recorded on Binance last week stood at 70. It has only dipped slightly to 68 as of today, still within greed territory. The minimal drop suggests traders still view the recent price rejection as a healthy pause rather than a reversal.
Bitcoin RSI hits 58 while fear and greed index stays at 68
Momentum indicators are beginning to reflect this shift. The relative strength index on the four-hour chart has climbed to 58, the highest since the past two days. This rebound in RSI coincides with price regaining the short-term moving averages. On the one-hour chart, the 20 EMA has crossed above both the 50 and 100 EMAs around the $118,000 region. This golden cross suggests a bullish structure and marks that price level as a possible short-term base if any pullback occurs before testing $120,000 again.
If bitcoin reclaims $120,000 and posts a daily close above it, buyers may regain confidence to push price back toward the all-time high zone above $122,000. Market participants now await confirmation from the upcoming U.S. session to determine whether today’s bounce will attract stronger follow-through or fade once more.
Bitcoin dropped after hotter-than-expected CPI data reduced hopes for a July rate cut. Bitcoin bounced to $118,000 as RSI turned mildly bullish near 56 before the PPI release.
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