7.19 Bitcoin market outlook!

The price of Bitcoin is $117,500, within the fluctuation range of $116,300 to $120,941.

The daily RSI rebounded to 55, the MACD histogram is contracting, the Bollinger Bands' middle band is moving upward, and the price is stabilizing above the middle band, establishing a short-term upward trend. However, there is a liquidation zone for short positions at the $120,000 level, and a breakthrough may face difficulty, possibly retracing to the $116,300 support.

On-chain indicators show that the net outflow from exchanges has exceeded 12,000 coins for several consecutive days, indicating a tightening supply. However, while the selling pressure from miners has eased recently, it still requires attention. Overall, in the short term, attention should be paid to the breakthrough of the $120,000 level. An upward trend is beginning to emerge, but there are still volatility risks. #btc