Bitcoin News Today: Bitcoin briefly dips below $118,000 as mixed signals emerge amid 2.37% volume surge

Bitcoin temporarily fell below $118,000 in early July 2025, marking a brief pullback after recent highs, though institutional activity and technical indicators suggest mixed signals for the cryptocurrency’s near-term trajectory. At 05:27 on July 24, BTC traded at $117,999 on the Binance Tether (USDT) pair, while a separate report noted a recovery to $118,044.80 by 02:59 the same day, highlighting the asset’s volatility [1][2]. The price fluctuation occurred amid a 2.37% surge in trading volume, with analysts noting institutional accumulation as a key driver in maintaining BTC’s position above critical support levels [3].

The dip reignited debates about Bitcoin’s short-term risks and potential catalysts for further movement. Tony Severino, a crypto analyst, warned of a possible 50% correction if BTC fails to surpass its all-time high of $123,000. According to his Elliott Wave analysis, Bitcoin is completing a "Wave B" rally, with a subsequent "Wave C" potentially dragging prices to the $60,000 range [4]. This pattern mirrors Bitcoin’s 2021–2022 correction, where a temporary peak was followed by a prolonged bear market. Severino emphasized the urgency of breaking above the previous ATH to avoid a bearish scenario, though he remained bullish on Bitcoin’s long-term potential [4].

Conversely, analyst "The Crypto Professor" offered a more optimistic view, pointing to Bitcoin’s proximity to $118,000 as a precursor to a new all-time high. He identified the $129,948 level as a key target, based on the 1.618 Fibonacci Extension, and noted robust support at $110,000 and $100,000. These levels, aligned with historical consolidation zones and Fibonacci retracement metrics, could cushion further declines and facilitate a rebound [4].

Market participants are closely monitoring the next few weeks, with the outcome of BTC’s price action determining whether the broader crypto market enters a correction phase or continues its uptrend. Traders are particularly focused on the $115,000 and $112,500 support levels, which could signal a deeper pullback if breached [5]. Meanwhile, liquidity clusters above the current price suggest a potential short squeeze, as seen in a sharp rebound to $118,000 after a dip to $117,000 earlier in July [6].

The conflicting analyses underscore Bitcoin’s precarious position at a technical inflection point. While institutional buying and Fibonacci projections hint at resilience, the risk of a 50% crash looms if BTC fails to retest its peak. Investors are advised to remain cautious, tracking on-chain metrics and macroeconomic developments that could influence sentiment.

Source:

[1] [Bitcoin (BTC) Temporarily Gives Up the $118000 Mark](https://bloomingbit.io/en/feed/news/93436)

[2] [Bitcoin (BTC) Temporarily Recovers the $118000 Level](https://bloomingbit.io/en/feed/news/93430)

[3] [Bitcoin Hovers Near $118,000 Amid 2.37% Volume Surge](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-hovers-118-000-2-37-volume-surge-institutional-accumulation-2507/)

[4] [Bitcoin Faces 50% Crash Risk, Analyst Warns](https://thecurrencyanalytics.com/bitcoin/bitcoin-faces-warning-of-50-crash-if-no-new-all-time-high-soon-186981)

[5] [Bitcoin Price at $118759 Signals Calm Before the Surge](https://www.analyticsinsight.net/bitcoin/bitcoin-price-at-118759-signals-calm-before-the-surge)

[6] [Is Bitcoin on the Verge of a Brutal Short Squeeze?](https://www.tipranks.com/news/is-bitcoin-on-the-verge-of-a-brutal-short-squeeze)