As of July 29, 2025, the price of Bitcoin (BTC) has shown significant fluctuations in recent movements. According to the latest data, the current price of BTC is between 117,200 and 122,000, slightly down from the mid-July high of 122,000 USD, but overall it remains within the high range. Market sentiment shows cautious optimism, with the fear and greed index around 64 (greed), reflecting a coexistence of investor confidence in future trends and potential selling pressure risks.
• Key support levels: 116,000, 108,800
• Key resistance levels: 122,000, 135,000
• Technical indicators:
• Bollinger Bands: The Bollinger Bands on the 4-hour chart are starting to contract, indicating that the market may enter a consolidation or reversal phase.
• DMI (Directional Movement Index): The 4-hour chart shows -DI crossing above +DI, with an ADX value of 27.27, suggesting that selling pressure is strengthening in the short term.
• RSI (Relative Strength Index): The current RSI is around 60, in the neutral to slightly high range, not yet in overbought territory, indicating there is still room for upward movement, but caution is needed regarding pullback risks.
Candlestick Patterns
According to the candlestick chart from the Bitfinex trading platform, BTC has formed a long upper shadow at high levels recently, indicating that selling pressure has intensified near the resistance levels. If the price can break through 122,000 and hold above it, it may trigger a short squeeze, pushing the price towards 130,000 or even 135,000. Conversely, if it falls below 116,000, it may further test the support area at 110,000 or 108,800.
The increase in institutional investment is a significant factor driving the rise in Bitcoin prices. Additionally, the Salvadoran government has increased its holdings by 8 BTC, further demonstrating national support for Bitcoin. Demand for Bitcoin ETFs remains strong, and in July 2025, the total market capitalization of cryptocurrencies surpassed 3.9 trillion USD, reflecting the enthusiasm of market capital inflows.
The global economic situation has a significant impact on Bitcoin prices. Recently, U.S. President Trump announced tariffs on the European Union and Mexico, leading to volatility in risk asset markets, with BTC prices experiencing a 4.8% pullback after breaking through 122,000. Moreover, the cautious sentiment ahead of the Federal Reserve meeting and the movement of large wallets have also intensified market volatility. However, the potential cryptocurrency-friendly policies in the U.S. provide a possible boost for the market.
