Bitcoin (BTC) Price Prediction for July 31
Main Idea
Bitcoin's price is consolidating between $117,000 and $118,700, with indicators suggesting an imminent breakout that could determine the next multi-day trend.
Key Points
1. Bitcoin's price is currently hovering near $117,968, trading within a narrowing triangle formation between $117,000 and $118,700.
2. Technical indicators like Parabolic SAR and RSI show trend weakness and neutral momentum, with Bollinger Bands signaling tightening volatility.
3. A breakout above $118,700 could lead to a surge toward $120,500 and $121,664, while a drop below $117,000 may test support at $114,600 (200 EMA).
4. On-chain data shows a net outflow of $22.81 million on July 30, indicating selling pressure and resistance near $119,000.
5. The 4-hour chart shows BTC sandwiched between the 20 EMA ($118,150) and 100 EMA ($117,159), reflecting market indecision.
Description
The Bitcoin price today is hovering near $117,968, caught between a narrowing triangle formation just ahead of a potential breakout. Over the last 72 hours, BTC has consolidated tightly between $117,000 and $118,700, with traders bracing for a volatility expansion. The current setup presents a crucial inflection point as the apex of the pattern nears. What’s Happening With Bitcoin’s Price? BTC price dynamics (Source: TradingView) The 4-hour chart shows Bitcoin price trading inside a converging s...
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