Kraken Observes Bitcoin’s Struggle to Break Key Resistance Amid Consolidation

Bitcoin continues to hold above the critical $117,250 support level as traders anticipate a potential breakout. The cryptocurrency faces a significant hurdle at the $118,500 resistance mark, which it must overcome to confirm bullish momentum in the near term. Currently trading around $118,000, Bitcoin is testing the 100-hour moving average, with a bearish trend line forming at $118,200 on the hourly chart, acting as a key barrier for upward movement. The market remains in a consolidation phase, with investors closely monitoring these technical levels for signs of a breakout or further downside. As of July 29, 2025, the focus is on whether Bitcoin can gather enough buying pressure to push through the resistance and reignite its upward trajectory.

Bitcoin Price Holds Support Zone Amid Consolidation

Bitcoin maintains its footing above the $117,250 support level as traders eye a potential breakout. The cryptocurrency must clear the $118,500 resistance to confirm bullish momentum in the NEAR term.

After a brief correction below $118,500, BTC now hovers near $118,000, testing the 100-hour moving average. A bearish trend line has formed at $118,200 on the hourly chart, creating a key barrier for upward movement.

The market shows signs of resilience following Bitcoin's recent climb from $114,733 to $119,795. A decisive close above $120,500 could signal the next leg higher, potentially opening the path for extended gains.

Ethereum Price Stays Strong – Elevated Price Hints at Bullish Continuation

Ethereum extended its rally above $3,880, signaling potential for further gains toward the $4,000 threshold. The cryptocurrency now consolidates near $3,800 after testing $3,920, with the 100-hourly Simple Moving Average providing immediate support.

A breach below the $3,800 trendline introduced short-term uncertainty, but holding above $3,720 could reignite upward momentum. Resistance levels loom at $3,820, $3,840, and critically at $3,880—a decisive breakout here may propel ETH toward $3,940.

The market structure echoes Bitcoin's recent strength, with Fibonacci retracement levels from the $3,515 swing low framing potential reversal zones. Traders monitor whether this correction represents profit-taking or a deeper retracement before continuation.