Bitcoin trades at $117,777 on July 30 after slipping 0.85% in the last 24 hours, facing resistance near the $118K–$120K range. Long-term holders (LTHs) are beginning to distribute, with over 52,000 BTC sold around the $118K mark, mirroring past market cycles when holders locked in profits at key psychological levels.
Blockchain analyst Axel Adler Jr notes this behavior is consistent with distribution zones seen in Bitcoin’s previous rallies. Meanwhile, over $431 million in leveraged long positions were liquidated, intensifying downward pressure.
Crypto analyst Crypto Patel pointed out a potential bull flag pattern on Bitcoin’s 4-hour chart, which could suggest a continuation of the uptrend if BTC breaks above $120K. However, rejection at this level may push the price back to $114K, invalidating the bullish scenario.
Currently, Bitcoin trades within a $114K–$120K channel. The RSI is at 45.93, indicating neutral sentiment, while the 20-day EMA at $118,255 acts as resistance, and the 50-day EMA at $117,165 provides support.
If bulls break above $120K with volume, Bitcoin could surge toward $130K. If not, a breakdown below $114K could open doors to a deeper retracement below $100K. The market stands at a crucial pivot point.
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