Bitcoin News Today: Bitcoin Briefly Falls Below $117,000 in Short-Term 1.70% Correction Amid Broader Bullish Trend

Bitcoin briefly fell below $117,000 in late July 2025 amid heightened volatility and shifting market dynamics, marking a short-term correction within its broader bullish trend. The dip occurred over several trading sessions, with the cryptocurrency testing critical support levels before recovering. On July 14, Bitcoin approached the $117,000 threshold, triggering technical signals of a potential pullback ahead of a key market milestone [1]. A more pronounced decline followed on July 16, with prices dipping to $117,200 during Asian trading hours, shaking out weaker positions before rebounding [5]. By July 23, the price briefly dropped to $117,000, coinciding with a 2.37% spike in trading volume, as institutional investors appeared to deepen their holdings [4]. A similar correction unfolded on July 24, with Bitcoin hovering near the $117,000 level amid broader market adjustments that saw Ethereum fall to $3,500 [3].

Analysts attributed the price action to a mix of short-term profit-taking and structural factors. On-chain metrics revealed an "accumulation phase," indicating potential for further gains once the correction stabilized [10]. The drop on July 23, which saw Bitcoin fall 1.70% to a low of $115,701, underscored heightened volatility [9]. However, the rapid rebound above $117,000 demonstrated market resilience, with Glassnode analysts noting that the earlier July rally from $110,000 to $117,000 had created an "on-chain air gap"—a low-density accumulation zone—suggesting upside potential [10].

Broader macroeconomic factors, including stalled U.S. crypto regulation legislation, contributed to uncertainty [6]. Despite this, Bitcoin’s dominance in the cryptocurrency market rose to 62%, reflecting sustained institutional and retail confidence in its leading position [5]. By late July, prices stabilized above $118,000, with traders monitoring the $116,000–$120,000 range as a key liquidity zone. Analysts emphasized that the dip did not signal a reversal of the upward trend but rather a test of market resilience, supported by strong on-chain activity and speculative positioning [4][10].

Sources:

[1] [title1Bitcoin tests $117,000 support as July 24 milestone nears] [url1https://www.ainvest.com/news/bitcoin-news-today-bitcoin-tests-117-000-support-july-24-milestone-nears-2507/]

[3] [title3Liquidation of $500 million, this drop is the horn for the bull ...] [url3https://www.binance.com/en/square/post/27356947537745]

[4] [title4Bitcoin to Remain Overbought for the Next Few Months ...] [url4https://cryptorank.io/news/feed/520db-bitcoin-overbought-planb-prediction]

[5] [title5Bitcoin Dominance Climbs Back to 62%, is a Price ...] [url5https://www.analyticsinsight.net/news/bitcoin-news-today-bitcoin-dominance-climbs-back-to-62-is-a-price-reversal-still-possible]

[6] [title6Bitcoin] [url6https://www.cnbc.com/bitcoin/]

[9] [title9Crypto Price Analysis 7-23: BITCOIN: BTC, ETHEREUM ...] [url9https://cryptodaily.co.uk/2025/07/crypto-price-analysis-7-23-bitcoin-btc-ethereum-eth-solana-sol-polkadot-dot-dogwifhat-wif-injective-inj]

[10] [title10Why Is Bitcoin Holding Steady as XRP, Solana, Dogecoin ...] [url10https://cryptonews.net/news/analytics/31313466/]