Bitcoin Hits New Highs and Enters Consolidation Phase
On July 14th, Bitcoin reached a record high of $122,838 but has since settled into a consolidation phase around $118,000. Despite this pause in upward momentum, market sentiment remains robustly bullish. Currently, Bitcoin is reported at a level of 68 on the Fear & Greed Index by Coinmarketcap, which suggests strong demand. An analysis using the Logarithmic Growth Curve indicates that Bitcoin is still positioned for significant upward movement.
Greed Returns, but No Signs of Overheating Yet
For a substantial part of the last 48 hours, Bitcoin has traded above $118,000 following a surge after the recent peak. On-chain data gives an intriguing look into the mindset of Bitcoin investors. According to analyst Axel Adler Jr., the 30-day moving average of the fear and greed index has shifted back into the optimistic range, currently sitting at 66.2%. While there is a sense of greed surrounding major cryptocurrencies, it’s important to note that this level is still below the 75% to 80% range, which has historically correlated with new price highs, particularly noted in March 2024 and December 2025.
The present reading of 66% indicates that while sentiment is positive, there’s still potential for bullish enthusiasm to escalate before entering a euphoric phase. Essentially, this information suggests that Bitcoin is consolidating and maintaining upward momentum without reaching extreme greed levels.
Bitcoin Re-enters the Resistance Zone on Growth Curve
As noted earlier, Bitcoin has recently crossed the $120,000 mark, resulting in a brief dip to $116,000, before stabilizing around $118,000. Notably, technical analysis of the weekly candlestick shows that Bitcoin has returned to the first band of the logarithmic growth curve resistance zone.
This zone, depicted as a bright pink area on the accompanying chart, has historically been a profitable region during Bitcoin’s previous bull markets. Interestingly, Bitcoin previously touched this area before being rejected in December 2024 and January 2025, echoing a similar pattern from the peak in the Bull Cycle prior to January 2021.
Essentially, this indicates Bitcoin might be entering the final build-up phase of its current cycle, with the anticipated top occurring between October and November 2025, according to Tradingshot, a crypto analyst who shared insights on the TradingView platform.
As of this moment, Bitcoin is trading at $118,152.
