‎Bitcoin Consolidates Below Key Resistance Amid Bullish Trend Resumption

‎BTCUSD Market Analysis – July 31

‎Bitcoin consolidates below the $120,000 resistance as bullish momentum pauses, setting the stage for a potential continuation of the upward trend.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $110,500.00, $101,000.00
‎Resistance Levels: $120,000.00, $127,000.00

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin continues to exhibit a strong bullish structure, despite experiencing a temporary pause in its upward momentum. The initial bullish rally saw price surging past the $101,000 level, with multiple bullish candles confirming the trend. However, upon reaching the $110,500 resistance zone, price encountered persistent rejection, initiating a prolonged consolidation phase that lasted through July 2025.
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‎This consolidation, which occurred between the $101,000 and $110,500 levels, ultimately led to a bullish breakout earlier this month. The breakout marked a bullish break of structure, signaling a potential continuation of the broader bullish trend.
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‎Currently, the daily Relative Strength Index (RSI) shows that price is rejecting from the overbought region. This has contributed to the ongoing consolidation phase, which may persist until the RSI approaches oversold territory. Once this correction is complete, a renewed bullish push is anticipated.

‎BTCUSD Medium-Term Trend: Ranging

‎On the 4-hour timeframe, Bitcoin is trading within a short-term range, showing signs of a gradual decline. This movement appears to be targeting a Fair Value Gap (FVG), which price is likely to fill before attempting another bullish leg.
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‎A clean break above the $120,000 resistance would be required to confirm the continuation of the bullish trend. Until then, the current price action may remain within a range as the market prepares for its next major move.

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