Bitcoin News Today: Bitcoin Approaches $117,000 Amid Bullish Trends and Economic Signals

Bitcoin (BTC) is approaching the $117,000 threshold, experiencing a slight decline by day’s end, which marks the volatility even amidst ongoing bullish trends. Recent upward movements have been fresh, and potential downturns could be bear traps. Altcoin investors have enjoyed favorable developments after a lengthy period of stagnation. The Michigan Consumer Confidence Index exceeded expectations, complemented by a strong recovery in US retail sales, alleviating fears of a slowdown in consumer spending. These signals point towards economic normalization, presenting figures attractive to Trump. Amidst this, Trump hints at significant tariffs-related announcements. One of the most crucial short-term factors supporting GENIUS’s rise was Trump’s endorsement, although the initial excitement has since waned.

When it comes to AVAX, SHIB, and PEPE Coin, two scenarios could unfold over the weekend: either a short-term dip follows the recent surge or rapid gains occur amidst low weekend trading volumes. Following the recent ETH rise, PEPE Coin significantly benefited, nearly achieving a 50% gain. Despite this, it couldn’t surpass the $0.00001437 resistance, forming an upper wick. A drop might take it to $0.00001261 and possibly decline further to $0.00001087 if support is lost. However, if the resistance is revisited over the weekend, a peak of $0.00001631 could be expected with closures beyond $0.00001437. Shiba Coin reached the target of $0.00001589, creating an upper wick there too. This pattern is evident in many altcoins; if it leads to further losses, closures below $0.00001400 could trigger a test of $0.0000123. Conversely, a rally above $0.00001762 might accelerate, extending to the $0.00002107 boundary. In summary, the July 19-20 period appears poised for action despite thin volumes. For AVAX, the critical zones are $23.4 and $21.8. The former seems at risk, and if the latter doesn’t hold firm, a drop to $20.3 could occur. A rally would require breaking through the $26.9 mark; testing this resistance is anticipated in a favorable atmosphere.

The cryptocurrency market is experiencing a surge in bullish sentiment, with Dogecoin (DOGE) leading the charge. The meme coin has rallied from a low of $0.21617 to an intraday high of $0.24527, confirming bullish momentum and reclaiming critical levels. This surge has sparked optimism among analysts, who predict that the imminent weekend will be full of surprises. The recent rally in DOGE has been attributed to a broader risk-on backdrop, with Bitcoin accelerating towards its record high near $123,000 from last week as investors flock to the market. Michael Saylor, the CEO of MicroStrategy, has also weighed in on the market, predicting that Bitcoin (BTC) could surge as much as 10,500%, pushing its valuation to levels comparable to tech giants like Amazon. This prediction comes as regulatory clarity in the crypto space continues to drive upside for related stocks and coins. The progress in crypto legislation has boosted Bitcoin and related stocks, with regulatory clarity driving upside for Coinbase and Circle. Ethereum (ETH) is also expected to benefit from the bullish market sentiment, with predictions that it could shoot above $4000 this week. This prediction comes on the heels of a broader risk-on backdrop, with Bitcoin accelerating towards its record high near $123,000 from last week as investors flock to the market.

The US government's Bitcoin holdings have also come under scrutiny, with reports suggesting that the government may hold far less Bitcoin than previously thought. Senator Cynthia Lummis, a longtime Bitcoin advocate, expressed alarm over recent reports that the US may not hold as many Bitcoins as previously thought. She raised concerns that the government may hold just 29,000 Bitcoin, far less than previous estimates of 200,000 Bitcoin. This discrepancy has raised questions about the transparency of the US government's Bitcoin accounting and the potential impact on the market. Analysts now forecast Bitcoin reaching $150,000–$200,000 by early 2026, with some more aggressive models predicting even higher prices. This forecast comes as the market continues to experience a bull run, with regulatory clarity and institutional investment driving upside for Bitcoin and related coins. The memecoin market has also seen a rebound, with Pepe and Shiba Inu leading the charge. Pepe's daily gains hit 6% recently, and technical forecasts show room to grow, with upside targets as high as $0.0024 under bullish conditions. Investors see this as a sign of a broader memecoin rebound, with other memecoins also experiencing gains.