⚡️ Bitcoin Holds $119,887 as Moving Averages Support Price Stability
Bitcoin is trading near $119,887 as technical indicators confirm a sustained uptrend supported by strong moving average alignment. The daily Coinbase chart shows BTC holding above key support levels marked by exponential moving averages. Caleb Franzen’s commentary affirms market sentiment remains bullish as support builds while resistance levels are cleared.
💬 Resistance on the way down.Support on the way up. We're on the way up — Caleb Franzen / July 30, 2025
🔸 Price Structure Shows Clear Uptrend
#BTC continues to follow a strong upward channel since late April, with minimal breakdowns from moving average bands. The chart presents three key EMAs blue, red, and green that serve as dynamic support.
Current values for the EMAs stand at $117,800, $116,107, and $114,933, showing tight confluence beneath current price levels. Price candles continue to close above the blue EMA, often a bullish signal that reflects momentum preservation.
Despite intermittent pullbacks, Bitcoin’s candles remain above all three support lines. This aligns with Franzen’s statement: “Support on the way up,” shared via X on July 30, 2025. He also noted: “Resistance on the way down,” implying past resistance zones are turning into price support during the rally.
The volume shown on the chart is steady, with daily bars confirming consistent interest without extreme spikes. This suggests sustainable upward action rather than short-term volatility.
🔸 Moving Averages Define Momentum Zones
The stacked EMAs create a price floor that buyers have defended throughout the last 90 days of action. Price corrections have regularly bounced off the lower band—now near $114,933—without closing beneath it.
Since early May, this setup has persisted, forming higher lows and higher highs. The structure is reinforced with clean follow-through, even during sideways movement in June and early July.
The slope of all three moving averages remains upward, confirming trend health.