Bitcoin News Today: Bitcoin Consolidates Between $114K-$123K as FOMC Decision and Whale Activity Dictate Next Move

Bitcoin’s price action has sparked renewed speculation about the end of its recent correction phase and potential for a new all-time high. Following a dip below the $116,000 liquidity zone, BTC has entered a consolidation phase between $114K and $123K, with traders closely monitoring the upcoming FOMC meeting for macro-driven volatility [1]. Technical indicators suggest a mixed outlook, as Bitcoin remains within a steep ascending channel but faces lingering supply pressure from a historic whale transaction involving an inactive wallet [1].

On-chain activity further underscores market dynamics, with a $1.2 billion inflow into Binance over a single day in late July triggering a short-term selloff to the $115K–$116K support zone [1]. This whale-driven supply surge has created uncertainty, with analysts noting that buyers must absorb this liquidity to prevent further downside toward $110K. Conversely, a sustained rebound could retest $121K and potentially push toward new ATHs, contingent on momentum holding above the 0.5 Fibonacci retracement level and a bullish flag formation on the 4-hour chart [1].

Market sentiment remains divided, with some linking Bitcoin’s recent resilience to external catalysts such as Donald Trump’s proposed EU tariff reductions, which some traders view as a potential tailwind for crypto adoption [2]. However, the $9 billion exit by a Satoshi-era whale has raised concerns about shifting investor sentiment, with critics interpreting it as a sign of early adopters scaling back positions [5]. Institutional interest in altcoins like BNB and Solana also reflects broader market optimism, though these movements have yet to directly translate to BTC’s trajectory [3].

Price projections vary widely. A technical model from Changelly predicts a 1.56% gain, projecting BTC to reach $120,030 by July 29, 2025 [7], while speculative forecasts, such as a $128,000 target, remain unanchored to current fundamentals [6]. Retail inflows have been rising gradually, but they pale in comparison to the scale of whale activity, highlighting a structural imbalance in market dynamics [1].

The critical juncture ahead centers on the FOMC’s rate decision, which could either validate bullish scenarios with a rate cut or prompt a retest of support zones if the Fed adopts a hawkish stance [1]. For now, Bitcoin’s path remains contingent on macroeconomic clarity and the ability of buyers to absorb excess supply—a test that will likely define the next phase of its price action.

Sources:

[1] [Bitcoin Price Analysis: BTC Correction Over? Here’s What Signals a New ATH](https://coinmarketcap.com/community/articles/68875586361abe5ce4db2002/)

[2] [Why Is Crypto Going Up Today? Bitcoin Hits $120K](https://www.financemagnates.com/trending/why-is-crypto-going-up-today-bitcoin-hits-120k-ethereum-price-at-2025-high-dogecoin-and-xrp-follow/)

[5] [$9 Billion Exit by Satoshi-Era BTC Whale Sparks Debate](https://uk.finance.yahoo.com/news/9-billion-exit-satoshi-era-082445401.html)

[6] [btc price prediction to hit 128k](https://www.facebook.com/groups/137****66946104/posts/16646138****0472/)

[7] [Bitcoin Price Prediction 2025–2030](https://changelly.com/blog/bitcoin-price-prediction/)