Bitcoin Retests $115K Neckline Amid Bullish Momentum Ahead of Potential $118,800 Breakout

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.