Bitcoin (BTCUSD) Price Bounces up Again

Bitcoin (BTCUSD) Price Forecast: July 29

Today, the BTCUSD price bounces up and holds firm above the resistance at a $119,000 value, catching the attention of investor with its promising performance. The price of the coin is rising, and if buy traders increase their trading activity, it may push ahead to test the prior resistance level of $123,231, exposing it to another resistance level of $125,000, bolstering buyers for a high recovery.

Key Levels:
Resistance Levels: $118,000.00 $119,000.00, $120,000.00
Support Levels: $78,000.00, $77,000.00, $76,000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)

The Bitcoin market is alive as it bounces up and holds firm above the resistance trend levels on the higher time frame. The crypto showcases a notable rise, increasing towards the upper resistance levels, indicating a bullish momentum.
However, the previous action at the $117,981 high level has sustained the coin price at its recent high.

At the $119,839 high point above the EMA-50 earlier today, the BTCUSD pair resumed the daily pattern, indicating that investors’ interest and enthusiasm had been piqued.

Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.

As a result, a potential breakthrough from the supply described above would quicken the buying impulse and raise prices to the prior resistance level of $123,231.

In conclusion, the BTCUSD uptrend may continue and the emergence of more buyers to pump ahead is likely, as indicated by the stochastic signal pointing up.

In light of this, the emergence of bulls may push the coin price to as high as $125,000 in the days ahead, as the crypto continues to bounce up in the higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

The market price of BTCUSD is currently trading in the bullish market zone. The new correction pattern emerged following the return of the bulls to the market.
So, it seems likely that the bulls will push higher as the price holds firm above the resistance trend levels.

The bullish impact on the crypto to the $118,620 supply level during the previous action has sustained its firmness above the supply levels in recent times.

In the midst of an ascending bullish pattern, the Bitcoin buyers’ corrective rally, which began at a high level of $119,658 above the moving averages shortly after the 1-hourly session opened today, may eventually reach the previous high of $123,231, creating excitement among coin holders.

Furthermore, bearish sentiment will be suppressed if the bulls’ price action increases and a bullish momentum is maintained well above the resistance trend lines.

Notably, the daily stochastic moving upward suggests that the BTCUSD price may continue to rise and remain in a buy trade setup.

Given this, the coin’s price may soon reach the upper resistance trend point of $125,000 in the medium-term forecast.

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