Kraken Market Watch: Bitcoin Holds Key Support as Bulls Target $120K Breakout

Bitcoin's price action continues to consolidate below the $121,200 resistance level after failing to sustain momentum above $122,250. As of August 13, 2025, the cryptocurrency is testing critical support near $118,600, where a bullish trendline has formed on hourly charts. The market structure remains constructive with BTC holding above both the $118,000 level and the 100-hour moving average. A decisive break above $120,250 could reignite upward momentum, according to Kraken analysts. Traders are closely watching these key levels for potential breakout opportunities.

Bitcoin Price Trades Sideways Under $120K as Bulls Eye Key Resistance

Bitcoin's price action shows consolidation below the $121,200 resistance level after failing to sustain momentum above $122,250. The cryptocurrency now tests critical support NEAR $118,600, where a bullish trendline forms on hourly charts.

Market structure remains constructive with BTC holding above both the $118,000 level and the 100-hour moving average. A decisive break above $120,250 could reignite upward momentum, potentially challenging the $122,272 yearly high.

Traders note the 50% Fibonacci retracement level of the recent swing from $116,282 to $122,272 served as temporary support during the pullback. The Kraken exchange data shows increasing bid liquidity near current levels.

Ethereum Eyes $4,800 Breakout After 5% Surge

Ethereum's price has found strong support near the $4,200 level, sparking a fresh rally that could propel it toward $4,800. The second-largest cryptocurrency by market capitalization surged past key resistance levels at $4,250 and $4,350, now trading firmly above $4,400 with bullish momentum building.

A developing trend line on the hourly chart shows solid support at $4,400, while the 100-hour moving average confirms the upward trajectory. The recent push to test resistance at $4,635 demonstrates growing buyer confidence, with the 23.6% Fibonacci retracement level acting as a springboard for further gains.

Market watchers note clear skies ahead if ETH maintains its footing above $4,200. The next critical resistance levels loom at $4,620 and $4,650, with a decisive break above $4,680 potentially fueling a rapid ascent toward $4,750. This rally notably outpaces Bitcoin's performance, underscoring Ethereum's relative strength in current market conditions.