July 22 Bitcoin ($BTC ) Price Prediction:
After a week of narrow consolidation, the Bitcoin price today hovers around $118,400, trying to break free from the compression range that has lasted for several days.
Bitcoin is currently in a symmetrical triangle pattern on the 4-hour chart, with resistance at $119,000 and support around $116,000. The consolidation structure has continued the vertical rise of Bitcoin's price from $101,000 earlier this month. This wedge further compresses volatility, indicating a potential decisive move in the next 24-48 hours.
Meanwhile, Bitcoin continues to trade above the bull market support level on the weekly chart and has now climbed into the $100,000 to $101,800 range. The parabolic SAR indicator on the daily chart is also below the price, suggesting that although there has been some profit taking, the bullish momentum remains intact.
If the bulls reclaim and confirm the resistance level between $119,000 and $120,600, the price could further rise to $122,000 and $124,500.
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