Bitcoin traded between $117,932 and $118,185 on Monday morning, July 21, with a market capitalization of roughly $2.36 trillion and 24-hour trading volume of about $46.19 billion. During the session, price moved within an intraday range of $116,779 to $119,523, pointing to consolidation rather than a clear reversal, even as the broader market structure remained constructive.
Daily chart keeps bullish bias intact
On the daily timeframe, bitcoin has preserved its upward momentum since rebounding from $98,240. After reaching a recent high of $123,236, price entered a tight consolidation phase on lighter volume, forming what technical analysts describe as a bullish flag or pennant. If bitcoin breaks above $123,236 with convincing volume support, the move could confirm trend continuation and shift attention toward levels above $127,000. On the downside, a drop below $117,500 would increase near-term risk, while a break under $115,000 could invalidate the bullish pattern.
Support around $116,000 remains central
The 4-hour chart shows bitcoin recovering from a medium-term pullback after testing $121,000, with support established near $115,729. The pattern of higher lows suggests buyers are still defending the trend. A confirmed breakout above $120,000, especially on stronger volume, would strengthen the medium-term bullish case and place $122,000 to $123,000 into focus. On the 1-hour chart, bitcoin bounced from $116,551 toward resistance at $119,500. The current pullback has come on relatively low volume, which is often consistent with continuation setups rather than outright weakness. In the short term, traders are watching the $118,000 to $118,500 area as a support zone.
Oscillators are mixed, moving averages stay positive
Momentum indicators present a balanced but slightly nuanced picture. The RSI sits at 66, the stochastic at 67, and the CCI at 59, all within neutral territory and not signaling extreme conditions. The ADX reading of 28 points to a moderately trending market, while the Awesome Oscillator at 7,744 also leans neutral. Momentum gives a mild bearish signal, but the MACD reading of 3,019 continues to support a bullish interpretation.
Moving averages offer a stronger directional message. Major EMAs and SMAs from the 10-period to the 200-period remain aligned in a bullish configuration, with the 10-period EMA near $117,380 and the 200-period SMA around $97,962. That stacked support beneath spot price reinforces the view that the trend remains upward as long as bitcoin holds above $116,000. A breakdown below $115,000, however, would materially weaken the setup and raise the risk of a broader correction.