• Bitcoin keeps trading above $117,400, which signals a key trendline that many traders are now watching
• Analysts say the $117400 Fibonacci area may push BTC past $123300 and send it as high as $131000
• Traders are focusing on the bounce zone and higher volume which could power a bullish price swing soon

Bitcoin is maintaining a solid position above the $117,400 support level, fueling hopes for a possible rally toward $131,000. The chart shared on July 24, 2025, by crypto analyst Ali (@ali_charts) reveals a bullish setup forming on the 4-hour BTC/USDT Binance chart. A decisive push from this support zone could trigger the next leg up, targeting the $131K resistance.

The price currently trades at $119,020 after bouncing from the key trendline. The market shows increased buying activity at the support level, adding weight to the bullish outlook. The Fibonacci retracement levels mark critical zones, with the 0.786 level at $117,401 acting as immediate support.

Surge in Momentum Around $117K Zone

Market participants are closely watching the $117,400 support level, which has proven significant in recent trading sessions. The chart displays several long lower wicks, indicating strong buyer interest whenever the price dipped near this zone. These reactions suggest bulls are actively defending the level to prevent a breakdown.

Trading volume appears to spike as price retests the ascending trendline. The Fibonacci confluence at the 0.786 level also aligns with this trendline, further validating the level’s technical importance. A bounce from here could push Bitcoin beyond the recent highs of $123,300.

The projected upper target is located near $131,200, aligning with the 1.272 Fibonacci extension. This setup presents a compelling upside potential if momentum holds. However, failure to maintain the $117,400 support could shift sentiment quickly.

Community Reactions Signal Heightened Market Anticipation

Crypto traders and analysts on social platform X have responded strongly to the chart and forecast. A user named Tobe Lord commented, “All eyes on that key support,” highlighting the level’s market significance. Another user noted that “131,000?! My rent is due next week,” emphasizing how the target is capturing broader attention.

Multiple comments reflect a shared belief that if $117,400 holds, bulls may dominate the short-term trend. The sentiment across replies suggests many traders are now watching this trendline closely for entry signals. Notably, K-Bis Market wrote, “Eyes locked on $117,400,” forecasting fireworks if this level holds.

The breakout circle illustrated in the chart depicts a consolidation range with consistent upward pressure. The cluster of recent candles confirms that the zone is under intense observation from traders seeking directional confirmation. A breakout above $120,000 could set the stage for acceleration.

Will Bitcoin Ignite a Fresh Leg to $131K?

As momentum builds, the pivotal question remains—can Bitcoin ignite a fresh leg to $131,000 from its current support?

Ali’s chart suggests that the ascending trendline, combined with Fibonacci support, may provide the necessary fuel. Price action continues to respect the trendline that has guided price since late June. As long as Bitcoin holds this dynamic support, the bullish scenario remains intact.

Price has also held above the 0.618 retracement level of $114,984, offering a secondary floor. The combination of trendline support, Fibonacci levels, and growing bullish volume points to a breakout probability. If price breaches $123,300, it could validate a run to $131,200.

This scenario aligns with a broader market structure where Bitcoin consolidates before large directional moves. Continued defense of the $117,400 area may play a central role in setting the tone for the days ahead.