Bitcoin’s BTCUSDT pair showed strong bullish momentum on July 29, 2025, breaking key resistance levels and attracting significant trading volume. Here’s what traders need to know.
BTCUSDT Price Action and Key Levels
The BTCUSDT pair opened at $118,210.44 and closed at $118,725.83, with a 24-hour high of $118,800. Key observations:
- Bullish breakout above $118,500 resistance
- Support established at $117,750
- 7,753.57 BTC traded ($907.8 million notional)
Technical Indicators Signal Bullish Momentum
Several indicators confirmed the bullish trend:
| Indicator | Observation |
|---|---|
| Moving Averages | Golden cross on 15-min chart |
| RSI | Entered overbought territory (>70) |
| Bollinger Bands | Expansion indicating volatility |
| MACD | Positive crossover with strong histogram |
Volume Analysis Confirms Breakout Strength
The late-night ET session saw volume surge as price broke $118,500, with no divergence between price and volume. This suggests:
- Strong institutional participation
- Retail trader engagement
- Sustainable momentum
Fibonacci Levels and Future Outlook
Key Fibonacci levels to watch:
- 61.8% retracement at $118,100 (support)
- 78.6% level at $118,650 (next target)
- 38.2% daily retracement aligns with current price
While indicators suggest potential consolidation, the overall trend remains bullish.
FAQs
What caused the BTCUSDT price surge?
The breakout was driven by strong volume and technical factors including a golden cross and MACD confirmation.
Is BTCUSDT overbought?
The RSI above 70 suggests short-term overbought conditions, but doesn’t necessarily mean an immediate reversal.
What are key support levels?
$118,100 (61.8% Fib) and $117,750 are crucial support zones to watch.
Should traders expect a pullback?
While possible, the strong volume suggests any pullback may be shallow before continuation.
