Bitcoin is undergoing a critical technical retest of the $115,000-$116,000 neckline support zone, following a decisive breakout above $113,000 that reinforced the cryptocurrency’s bullish structure. Market analysts indicate this consolidation phase is pivotal for validating the uptrend’s sustainability, with traders targeting a clear break above $118,800 to catalyze a rally toward $125,000.
Supporting the bullish momentum, aggregate open interest across Bitcoin derivatives markets reached an unprecedented $44.5 billion—signaling heightened institutional positioning ahead of price-volatility catalysts. The weekly chart shows a developing inverse Head & Shoulders pattern alongside a series of higher highs and lows, suggesting continued upward trajectory potential.
Market focus now shifts to the imminent Federal Open Market Committee (FOMC) meeting on July 29, where potential interest rate cuts could amplify Bitcoin’s momentum amid macroeconomic shifts. Despite a 26.54% decline in 24-hour trading volume to $69.31 billion, Bitcoin gained 1.79% over the same period, maintaining a $2.33 trillion market capitalization.