Bitcoin (BTC) Price Prediction for July 31

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?

The 4-hour chart shows Bitcoin price trading inside a converging symmetrical triangle, with dynamic support around $117,000 and resistance at $118,700. The upper resistance of the triangle aligns with a prior supply zone between $120,000 and $121,600, while the lower bound of the structure aligns with recent higher lows formed since July 25.

Notably, Parabolic SAR dots remain above the latest candles, signaling trend weakness. However, BTC has managed to defend the ascending trendline repeatedly, suggesting bulls are still active within this compression. The structure points to an imminent breakout before August 1, with a breakout direction likely defining the next multi-day trend.

Why Is The Bitcoin Price Going Down Today?

BTC price dynamics (Source: TradingView)

Why Bitcoin price going down today may be linked to liquidity rebalancing and failed attempts to break the $118,700 level. The 30-minute chart shows price recently rejecting from the upper VWAP deviation band near $118,099. RSI on this timeframe remains neutral around 51.3, showing neither overbought nor oversold extremes, but a loss of momentum after the previous uptick.

BTC Derivative Analysis (Source: Coinglass)

Moreover, outflow pressure continues to dominate on-chain. The latest spot netflow chart shows a negative print of –$22.81 million on July 30, indicating capital is still exiting exchanges despite price holding firm. This divergence suggests retail or small institutional holders are taking profits near current resistance levels, keeping Bitcoin price action pinned below $119,000.

Bollinger Bands and EMAs Signal Tightening Volatility

BTC price dynamics (Source: TradingView)

On the 4-hour chart, Bollinger Bands are beginning to squeeze around price, with the upper band at $119,393 and lower at $117,317. This compression phase typically precedes directional movement. At the same time, BTC is sandwiched between the 20 EMA ($118,150) and 100 EMA ($117,159), indicating indecision and balanced momentum.

All short-term exponential moving averages (20/50/100) remain clustered just below price, showing that trend support has not yet been invalidated. The 200 EMA on this chart rests at $114,632, providing strong longer-term support if the current triangle breaks to the downside.

From a daily perspective, BTC is still holding above its last major breakout zone near $102,500, and structure remains bullish above the $114,000–$115,000 liquidity shelf.

BTC Price Prediction: Short-Term Outlook (24h)

BTC price dynamics (Source: TradingView)

Bitcoin price now faces a binary setup. If bulls reclaim the $118,700 level with volume confirmation, a quick surge toward $120,500 and then the $121,664 resistance zone is possible. Above this, the next supply lies near $124,000. However, failure to hold $117,000 could expose downside toward $114,600 (200 EMA) and deeper liquidity zones around $110,000–$112,000.

With volatility suppressed, RSI flat, and SAR pressure still overhead, a decisive move is expected in the next 24–36 hours. Traders should monitor for a breakout candle with increased volume above $118,700 or below $117,000 for direction clarity.

Bitcoin Price Forecast Table: July 31, 2025