Bitcoin (BTC) Price Prediction for July 31

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.