Bitcoin Retests $115K Neckline Amid Bullish Momentum Ahead of Potential $118,800 Breakout
Main Idea
Bitcoin is retesting the $115K–$116K neckline, with bulls aiming for a breakout above $118,800 to push prices toward $125K, amid rising open interest and ahead of the FOMC meeting.
Key Points
1. Bitcoin is retesting the $115K–$116K neckline, a critical support zone, after breaking above $113K, reinforcing a bullish trend.
2. Bulls aim to surpass $118,800 to trigger a potential rally toward $125,000, with open interest reaching a record $44.5 billion.
3. The upcoming FOMC meeting on July 29 is a key event, with potential rate cuts possibly boosting Bitcoin's short-term momentum.
4. Bitcoin's market cap stands at $2.33 trillion, with a 1.79% price increase in the last 24 hours, despite a 26.54% drop in trading volume to $69.31 billion.
5. The inverse Head & Shoulders pattern on the weekly chart suggests continued upward movement, with higher highs and lows indicating bullish momentum.
Description
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