Bitcoin News Today: Bitcoin tests $117,000 support as July 24 milestone nears

Bitcoin’s price trajectory remains under close scrutiny as analysts and traders assess key support and resistance levels ahead of the July 24 milestone. The cryptocurrency, currently trading near $118,360, has shown signs of consolidation following a brief surge above $123,000 earlier in July [1]. Technical indicators suggest a potential correction phase, with critical price thresholds likely to influence short-term movements.

On the hourly chart, Bitcoin’s price has retreated to a local support level at $117,465. Analysts warn that if buyers fail to reclaim control, the asset could test the $117,000 mark within the next 24 hours [1]. A broader bearish sentiment emerges on longer time frames, with the possibility of a descent to $115,226 if current downward momentum persists [1]. Midterm analysis highlights a recent rebound from the $119,482 resistance level. Should the price close far below this threshold, further declines toward $112,000 could materialize [1].

Amid this volatility, bullish signals have also emerged. Tom Lee, a prominent market analyst, has forecast a potential surge to $200,000 for Bitcoin, citing favorable technical indicators and growing institutional demand [4]. This projection contrasts with more immediate concerns over consolidation between $116,000 and $120,000, as noted by multiple sources [6]. The cryptocurrency’s recent all-time high of $123,218 [5] underscores its capacity for rapid price swings, though current trading action suggests a period of consolidation is underway [8].

Long-term forecasts paint a cautiously optimistic picture. Changelly projects an average trading price of $139,930.30 between 2025 and 2030, with a maximum target of $120,035.99 [3]. CoinCodex aligns with this view, predicting a July average price range of $118,485 to $139,956 [7]. These projections, however, remain speculative and hinge on macroeconomic factors such as the Federal Reserve’s interest rate policy and broader market sentiment [2].

The crypto Fear and Greed Index has shown a recent uptick, reinforcing the case for a potential rebound [9]. This aligns with the formation of a bullish chart pattern observed by BanklessTimes, though analysts caution that the current sideways movement reflects a tug-of-war between bullish and bearish forces [6].

Price action in the BTC/JPY pair has drawn attention to a “descending triangle” pattern, with traders monitoring its implications for cross-currency dynamics [2]. While this primarily affects the yen pair, it highlights the interconnectedness of Bitcoin’s global markets.

Investors should remain cognizant of key technical levels. A sustained break below $117,000 could trigger further downward pressure, whereas a successful defense of the $119,482 resistance level might reignite bullish momentum [1][7]. The upcoming days will be critical in determining whether Bitcoin can sustain its position above $118,000 or if a deeper correction is imminent.

Source:

[1] [Bitcoin (BTC) Price Prediction for July 24](https://u.today/bitcoin-btc-price-prediction-for-july-24)

[2] [Focus on Bitcoin-Yen's 'Descending Triangle'](https://www.coindesk.com/markets/2025/07/24/focus-on-bitcoin-yen-s-descending-triangle-as-fed-rate-cut-bets-rise)

[3] [Bitcoin (BTC) Price Prediction 2025 2026 2027 - 2030](https://changelly.com/blog/bitcoin-price-prediction/)

[4] [Price Tests Support as Millionaire Analyst Eyes $200K Target](https://coincentral.com/bitcoin-btc-price-prediction-price-tests-support-as-millionaire-analyst-eyes-200k-target/)

[5] [Dogecoin, Pi & Bitcoin – European Wrap 24 July](https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-dogecoin-pi-bitcoin-european-wrap-24-july-202507241302)

[6] [Bitcoin is Setting for the Next Big Move](https://thecryptobasic.com/2025/07/24/bitcoin-is-setting-for-the-next-big-move-top-analyst-says/)

[7] [Bitcoin (BTC) Price Prediction 2025, 2026-2030](https://coincodex.com/crypto/bitcoin/price-prediction/)

[8] [Bitcoin Price Prediction: BTC Hovers at 117550](https://www.fxleaders.com/news/2025/07/24/bitcoin-price-prediction-btc-hovers-at-117550-as-markets-brace-for-breakout-move/)

[9] [Bitcoin Price Prediction as Crypto Fear and Greed Index Rises](https://www.banklesstimes.com/articles/2025/07/24/bitcoin-price-prediction-as-crypto-fear-and-greed-index-rises/)