- Bitcoin trades near $117,500 as RSI and MACD show neutral momentum in tight consolidation.
- BTC forms Elliott Wave triangle pattern between $116K–$120K, signaling possible breakout.
- Market cap reaches $2.33T with 1.27% daily gain as BTC approaches critical resistance zone.
On July 26, 2025, Saturday, Bitcoin (BTC) remained near the price level of $117,500, with the market depicting narrow consolidation. As the Binance 12-hour chart reveals, the BTC maintained fluctuations between 116k and 120k. Analysts have discovered there is a contracting wedge formation, and this implies that the past bull market may be extended further.
The current technical setup shows a descending triangle pattern with points labeled A, B, C, D, and E. This is often seen as an Elliott Wave triangle. This usually happens when the market is in a consolidation phase and is generally going up. The upper limit, near $120,000, remains a strong resistance level. Meanwhile, $116,000 continues to act as a support level. The price is still near the bottom of this formation, indicating that volatility is low as traders anticipate a breakout.
Short-Term Signals Indicate Market Stability
Bitcoin’s 1fill chart for the short term shows price changes between $117,147 and $117,774, accessible around $117,533. The Relative Strength Index (RSI) is still around 51, which means that there is a balance between buying and selling pressure. The MACD indicator also shows very little divergence, which supports the idea of weak momentum and a period of consolidation.
People in the market noticed that Bitcoin has stayed in a narrow range, even though it briefly went up. The volume of the session stayed about the same, which showed that the market was still unsure. Analysts say that if the price goes above $117,774, it could lead to $118,000 and maybe even higher resistance zones.
The Basics Point to a Bullish Outlook
CoinMarketCap says that Bitcoin’s market cap was $2.33 trillion and its trading volume in the last 24 hours was $85.66 billion. The price went up by 1.27% in the last day. Supply metrics show that 19.89 million BTC are already in circulation, which is close to the maximum of 21 million. This makes them more scarce.
Such a price action is in line with the whole bullish picture on stronger timeframes. At the condition of the price staying above the level of $117,500 during a prolonged period of time, it might get closer to the price of $120,000. Failure to maintain the price beyond the level of $117,000 may make the price gravitate towards the levels of support at $115,500. The market is yet to find the potential break out signs to justify the direction.
