Technical Tug-of-War Intensifies Near ATH Levels

Bitcoin is trading at $118,438 on July 24, 2025, with a market capitalization of $2.35 trillion and a 24-hour trading volume of $53.99 billion. The leading cryptocurrency recorded an intraday price range between $117,422 and $119,197, reflecting ongoing consolidation near historic highs.

Bitcoin

On the daily chart, bitcoin remains in a defined uptrend, but recent price action has transitioned into a consolidation phase near the upper range. The formation resembles either a rising wedge or a bull flag, both typically continuation patterns, yet the lack of follow-through volume raises questions about bullish strength. Key support is clustered between $116,000 and $117,000, while upside resistance is situated at $123,000. Technical bias remains neutral to slightly bullish, with traders watching for either a breakout above resistance or a breakdown below support to define the next leg. A breakout above $123,000, especially on volume, would likely renew bullish momentum.

The 4-hour chart shows bitcoin trapped in a horizontal range between $116,000 and $120,000, with multiple rejections at the upper band suggesting buyer fatigue. Volume analysis reveals a declining trend on bullish candles, signaling weakening demand. Additionally, a potential head and shoulders pattern is forming, which may indicate an upcoming reversal if neckline support fails. Immediate resistance lies at $120,297, while swing low support holds at $116,186. Traders are advised to monitor the $116,000 level closely, as a breakdown could invalidate the broader bullish outlook.

BTC/USD 4-hour chart via Bitstamp on Thursday, July 24, 2025.

Short-term price action on the 1-hour BTC/USD chart displays a slight bearish bias, with lower highs forming and resistance capped at $119,000. A recent higher low at $117,201 provides temporary support, but the overall trend remains weak amid stronger volume on red candles. This pattern aligns with either a descending triangle or a bearish flag, both suggesting continued downside pressure unless buyers reclaim $119,000 with conviction.

BTC/USD 1-hour chart via Bitstamp on Thursday, July 24, 2025.

Oscillator readings paint a mixed technical picture, reinforcing the theme of indecision. The relative strength index (RSI) stands at 63, the Stochastic oscillator at 61, the commodity channel index (CCI) at 46, the average directional index (ADX) at 29, and the Awesome oscillator at 6,348—all of which are in neutral territory. Momentum oscillator, however, signals bearishness with a reading of −1,411, as does the moving average convergence divergence (MACD) at 2,738. These divergences suggest an underlying weakness in bullish conviction despite the price holding near highs.

Moving averages, by contrast, remain overwhelmingly supportive of the uptrend, with every major average—exponential moving averages (EMAs) and simple moving averages (SMAs) across 10, 20, 30, 50, 100, and 200 periods—indicating a bullish signal. The shortest-term indicators, such as the 10-period EMA at $117,989 and SMA at $118,377, are in alignment with current price action, suggesting short-term support remains intact. Longer-term EMAs and SMAs—from 50 through 200 periods—confirm the broader bullish structure, highlighting bitcoin’s sustained strength over months. Despite short-term bearish pressures, the underlying trend remains upward unless critical support levels break.

Bull Verdict:

Despite short-term consolidation and mixed oscillator signals, the alignment of all major moving averages in favor of continued upward momentum suggests bitcoin remains in a structurally bullish trend. A confirmed breakout above $123,000—especially with rising volume—could serve as the next catalyst to propel bitcoin toward new highs, solidifying this phase as a healthy consolidation within a broader uptrend.

Bear Verdict:

While bitcoin holds near its highs, fading volume, bearish short-term chart patterns, and sell signals from key oscillators such as momentum and MACD point to a potential reversal. If the $116,000 support level fails to hold, the risk of a deeper correction grows significantly, making caution essential for traders until directional clarity returns.