Bitcoin Rejected at $120K as Rising Wedge Hints Reversal

Bitcoin Price Struggles at $120K as Rising Wedge Pattern Forms

Bitcoin  price has faced resistance at the $120,000 level after briefly surging beyond $122,000, nearing its all-time high of $123,091. Following this rally, BTC is now consolidating above $118,000 amid a mild market correction. The move comes after a sharp three-day surge across the crypto market. 

According to analysts, a risky bearish strategy is brewing in Bitcoin, and this has been made easy through a rising wedge pattern, which is considered bearish. In the meantime, Ethereum (ETH) also appears to have breakout potential, trading over $4,200 following sudden increases, which indicates that ETH is equally strong in contrast to the Bitcoin rejection at the critical resistance point.

Bitcoin Price Faces Another Setback at $120K as Rising Wedge Pattern Emerges

The price of BTC has also failed to surpass this resistance line at $120,000, which depicts a re-established pressure on this mark. The dominant cryptocurrency is at present trading in a rising wedge form, which is a pattern that is likely to result in major market movements.

Analysts fear that below wedge support, this can bring about the reversal to the bearish side. Such a situation can result in more selling pressure and possible falls in prices.

Conversely, the bullish traders must also hold the bottom of the wedge to retain control in the market. A breakout above 120,000 that gains momentum is what would be needed to move higher.

Metaplanet Expands Bitcoin Holdings with Major Acquisition

On August 12, 2025, Metaplanet announced the acquisition of 518 bitcoins at about 61.4 million dollars. This was calculated to around $118,519 per bitcoin as an average price of purchase. In 2025, the company registered a high year-to-date bitcoins yield of 468.1%; a move that indicated good performance of its crypto strategy. The new acquisition makes Metaplanet all the stronger in the digital asset market.

Metaplanet is the owner of 18,113 Bitcoins, and it has contributed 897 bitcoins after its purchase. Their sum is about $1.85 billion and the average cost of acquisitions is approximately $101 911 per BTC. With its preparations to ensure the long-term value benefits of the stakeholders, the company proceeds to affirm that it is devoted to BTC as a reserve asset.

Will BTC Price Break $120K Resistance Again?

The BTC price is trading at $119,120, showing a slight gain of 0.22% in the last 24-hours. BTC has recently retraced after meeting a tough resistance at the key level at $120,000, which has stalled gains. The price action demonstrates a very solid support at $115,000 in the history of buyers that have resisted further price falls.

Source: Tradingview

The Relative Strength Index (RSI) is close to 57, depicting a cooling bullish action. This cooling-off period comes after an earlier surge in the month when it brought the RSI near the overbought position. The Awesome Oscillator (AO) is no longer increasing and is in the positive territory, implying a decrease in buying pressure.

Should Bitcoin price re-capture $120,000, the next target is in the region of $125,000, a significant resistance that may trigger added profitability. Nevertheless, any negative failure could precipitate a challenge to the $115 000 staging. Drawing down selling beneath this zone may put the market under more downward pressure.