BTC/USD Analysis: Bitcoin Price at a Crossroads

FXOpen

In our analysis of the long-term BTC/USD chart on the morning of 29 July, we noted that:
→ Bitcoin's price rise was occurring within an ascending channel (shown in blue);
→ Simultaneously, the price movement was forming the contours of a smaller-scale descending channel, indicated in red;
→ The positive sentiment in the cryptocurrency market at the end of July may have been sparked by Trump's statements at the Bitcoin 2024 conference in Nashville. However, these appeared more like campaign rhetoric;
→ The psychological level of $70k could have had a significant impact on the price.

Since then, Bitcoin’s price:
→ Experienced a false bullish breakout above the $70k psychological level;
→ Dropped by over 27%, followed by a false bearish breakout below the $50k psychological level.

This provided a clear example of how price behaviour in volatile cryptocurrency markets is vulnerable to breaching round-number levels, which have a psychological effect on market participants (and on triggering stop-loss orders set beyond them).

What’s next?

Today's technical analysis of the BTC/USD chart shows that the price has risen above $60k, placing it:
→ Roughly halfway between the $70k resistance and $50k support levels;
→ Within both the blue ascending and red descending channels.

Under these conditions, it’s reasonable to expect the market to stabilise, with a consolidation zone forming on the BTC/USD chart. A breakout from this zone could signal the direction of the next significant trend movement.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Indices

European Stocks Rise for Sixth Consecutive Week

According to the Eurostoxx 50 index (Europe 50 on FXOpen) chart:
→ The index has gained over 6% since early February.
→ It is now trading at an all-time high.

Factors driving market optimism:
→ Expectations of a ceasefire in Ukraine.
→ Trump’s

Shares

META Stock Rises for 19 Consecutive Sessions

According to the Meta Platforms (META) stock chart:
→ Based on closing prices, the stock has posted 19 consecutive daily gains since 17 January.
→ META has reached an all-time high, solidifying above the key $700 per share level.

Bullish sentiment was

Shares

Intel (INTC) Shares Surge Nearly 17% in Three Days

According to Intel Corporation’s (INTC) stock chart:

→ The price has reached its highest level in 2025.
→ Shares have surged approximately 17% in just three days—the biggest three-day gain since April 2001, when Intel rose by 24.5%, according

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.