Bitcoin News Today: Binance Spot Volume Hits 60% as Bitcoin Holds $117K Support, Gaining 0.6%

Bitcoin’s recent price resilience and potential for a new rally have drawn attention from analysts, who point to surges in Binance’s spot trading volume as a potential catalyst. The leading cryptocurrency exchange saw its spot volume market share rise from approximately 40% on July 15 to 60% by July 18, with further increases to 58% by July 23. Historical patterns suggest such volume shifts often precede upward movements in Bitcoin’s price, reinforcing the $117,000 support level [1]. This surge in Binance’s liquidity and execution reliability has contributed to Bitcoin’s stability, with the $117,000 threshold holding firm multiple times since its initial breakout [1].

Amr Taha of CryptoQuant noted that Bitcoin’s price has also held near the Realized Price of the 1-day to 1-week Unspent Transaction Output (UTXO) Age Band, currently around $118,300. This metric reflects the average cost basis of recent buyers and acts as a dynamic support level, indicating that newer or speculative holders have not capitulated despite market volatility [1]. UTXO age bands categorize Bitcoin held in wallets by duration, with shorter bands tied to short-term traders and longer bands reflecting long-term conviction. Taha emphasized that the current support level validates the market’s respect for recent buyers’ on-chain costs [1].

Fellow analyst Titan of Crypto highlighted a bullish inverse head and shoulders pattern on Bitcoin’s weekly chart, suggesting a price target of $144,000 [1]. Meanwhile, CryptoQuant’s Chairman Lee forecasted an even higher $180,000 target by year-end, citing on-chain metrics such as the Bitcoin IFP indicator, which shows major holders retaining assets despite record highs. This contrasts with previous cycles, where exchange inflows often signaled corrections [1]. However, conflicting data exists: Exchange reserves recently hit their highest levels since June 25, raising concerns about potential sell pressure [1]. At press time, Bitcoin traded at $119,097, up 0.6% in the past 24 hours [1].

Parallel to these developments, the BTCBULL token, an Ethereum-based meme coin linked to Bitcoin’s price milestones, has gained traction. The project’s presale, launched in early July, raised $1 million within four days, with average daily inflows of $250,000. BTCBULL holders receive Bitcoin airdrops when BTC hits $125,000, $175,000, or $225,000, while periodic token burns reduce supply. The initiative partners with Best Wallet to streamline airdrop distributions, enabling users to access rewards without managing multiple accounts [2]. Analysts like ClayVro have highlighted BTCBULL’s potential to incentivize Bitcoin ownership through passive income mechanisms [2].

While BTCBULL’s presale underscores Bitcoin’s bullish momentum, its success remains contingent on the cryptocurrency’s price trajectory. Similarly, the broader July rally reflects increased retail and institutional activity, though direct causal links to Binance’s volume surges remain unproven. The interplay between spot market dynamics, derivative innovations, and on-chain metrics highlights Bitcoin’s evolving ecosystem. Investors are advised to monitor both fundamental and tokenomic developments as the market navigates diverging signals.

Source:

[1] [Bitcoin Rally Signal? Analyst Links Binance Spot Volume Surges To Price Upswings](https://www.newsbtc.com/bitcoin-news/bitcoin-rally-signal-analyst-links-binance-spot-volume-surges-to-price-upswings/)

[2] [BTCBULL Token Presale](https://nftevening.com/ko/btc-bull-token-hits-1-million-in-opening-days-of-explosive-presale/)