Bitcoin Technical Analysis: July 29, 2025

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The key support and resistance levels ahead for BTC/USD are as follows:
 
Third key resistance level of BTC/USD: 122700
Second key resistance level of BTC/USD: 120900
First key resistance level of BTC/USD: 120000
 

First key support level of BTC/USD: 117500
Second key support level of BTC/USD: 116000
Third key support level of BTC/USD: 114600
 
 
Bitcoin Technical Analysis: July 29, 2025

Over the past two weeks, Bitcoin has entered a consolidation phase, characterised by ranging and indecisive price action. This market sentiment is visualised on the weekly timeframe by the formation of two consecutive Spinning Top candlestick patterns, which typically indicate market uncertainty and suggest the potential formation of a price ceiling.
 

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Despite this consolidation, the long-term bullish trend remains intact on higher timeframes, namely the monthly and weekly charts. A sustained consolidation of the price above the key level of $120,000 could trigger another wave of significant buying pressure, with the primary target for bulls being the $122,700 resistance level. However, over the last fortnight, the price has tested this pivotal $120,000 level on three separate occasions but has thus far been unable to breach it. Currently, traders are exercising increased caution, mainly in anticipation of the key policy decision from the Federal Reserve this Wednesday.

Conversely, the probability of a correction is strengthening, a hypothesis supported by a bearish divergence observed between the price and the Relative Strength Index (RSI) on both the daily and weekly timeframes. If the price fails to surpass the $120,000 mark decisively, the $116,000 support level becomes the first primary target for bears. Furthermore, a definitive break of the $116,000 support, followed by price stabilization below it, would create an unfavorable outlook for the bullish trend. Such a development would indicate a higher propensity for a more significant correction in the leading cryptocurrency, a potential for which is already evident on the long-term charts.