Bitcoin May Pull Back Slightly Before Resuming Uptrend

22 Jul

📊 Market Overview

• Bitcoin is currently trading around $116,934, slightly down after hitting an intraday high of $119,524.
• The earlier rally was supported by inflows into Bitcoin ETFs, accumulation by major holders like Trump Media and MicroStrategy, and a pro-crypto regulatory stance in the U.S. (e.g., Genius Act, CLARITY Act).
• However, a surge in whale transfers to exchanges and declining BTC dominance suggests profit-taking and potential short-term volatility.

📉 Technical Analysis

• Key Resistance: ~$119,500 – $120,000 (intraday high and recent ATH)
• Nearest Support: ~$115,000 – $116,000, then $110,000
• EMA 09/20: Price is hovering around EMA 9/20 on H1–H4 timeframes, indicating a short-term uptrend but needing a pause or correction.
• Momentum / Volume: RSI is near overbought territory; falling volume hints at consolidation or a mild pullback. The overall trend remains bullish but slightly unstable.

📌 Opinion

Bitcoin is likely to pull back slightly in the short term toward the $115,000 – $116,000 zone due to profit-taking pressure, before potentially resuming the uptrend if it can break and hold above $119,500 – $120,000 with strong volume.

💡 Trade Setup

SELL BTC/USD at: $118,500 – $119,000
🎯 TP: $116,500
❌ SL: $120,000

BUY BTC/USD at: $115,000 – $116,000
🎯 TP: $118,500 – $119,500
❌ SL: $114,000

22 Jul

Dagangan aktif

The 116k–116.5k zone appears to be a key short-term support. If Bitcoin breaks above 118,800–119,300, it could head toward 120k+.
Conversely, a drop below 117,500 may lead to a retest of the recent low.