Bitcoin News Today: Bitcoin Consolidates Near $118,000 with 0.21% Gain as Volume Drops 29%

Bitcoin’s price remains in a narrow consolidation near $118,000 amid declining trading volume and critical technical levels poised to shape its next move. The cryptocurrency recorded a 0.21% daily gain, maintaining its position above key support at $117,700, while trading volume fell 29% to $46.2 billion, signaling reduced short-term momentum [1]. The market capitalization of Bitcoin reached $2.35 trillion, with its fully diluted value at $2.48 trillion, as the circulating supply neared 19.89 million coins out of the 21 million maximum cap [1]. Analysts highlight that the asset’s scarcity, with less than 1.2 million coins remaining to be mined, continues to underpin long-term bullish sentiment [1].

Technical indicators paint a mixed picture. The Relative Strength Index (RSI) hovers near 37, suggesting mild bearish pressure, while the MACD histogram shows flattening after a recent bearish crossover, indicating deceleration in downward momentum [1]. Price action has oscillated between $117,700 and $118,400, with the latter acting as immediate resistance. A breakout above $118,400 could target $119,500 and the psychological $120,000 level, whereas a breakdown below $117,700 risks a drop to $116,500 [1]. Market participants are closely monitoring these thresholds, particularly as Bitcoin’s price remains within a falling wedge pattern formed between $115,086 and $118,102 [3].

Despite subdued volume, the crypto’s market structure appears favorable for long-term growth. The asset’s $1.1 trillion realized market cap, achieved on July 26, underscores its integration into global finance [2]. However, analyst Ali Martinez on X notes that sustained bullish momentum requires confirmation above the $110,000 support level, which aligns with the +0.5σ MVRV pricing band from Glassnode. A breakdown below this level could trigger a correction toward $88,960 or $68,062, while buyers maintaining strength above $110,000 may propel Bitcoin toward $130,000 [3].

Short-term volatility remains constrained by cautious investor behavior. The Coincodex Fear & Greed Index at 72 reflects extreme greed, yet the absence of significant inflows raises concerns about the rally’s sustainability [3]. Volume has plummeted 53.39% to $47.98 billion, the lowest level since the $118,000 consolidation began [3]. This divergence between price resilience and shrinking liquidity suggests traders are awaiting stronger catalysts, such as institutional buying or macroeconomic events, to break the current stalemate [1].

Looking ahead, Bitcoin’s trajectory hinges on its ability to surpass key resistance without exhausting buyer participation. Analysts at Coincodex project a potential rise to $122,019 in five days and $141,075 in a month, contingent on maintaining current bullish momentum [3]. However, these forecasts assume no breakdown below $110,000, a scenario that would force the market to retest critical support zones. The growing gap between Bitcoin’s realized price ($50,831) and its current market price ($118,000) also highlights deepening profit-taking, which could increase vulnerability to sell-offs if momentum wanes [3].

The week ahead will be pivotal for Bitcoin’s direction. A sustained push above $118,250 could attract new buyers and validate the $130,000 target, while a pullback below $116,500 may reignite bearish sentiment. Market participants will closely monitor volume dynamics and institutional activity, as historical patterns suggest volatility is likely to intensify before a definitive breakout occurs [7].

Source:

[1] [Bitcoin Maintains 118000 Level with Lower Volume and Key Resistance Ahead](https://coinmarketcap.com/community/articles/688721072477c254f74c0cde/)

[2] [Bitcoin Hits $1T Realized Cap for First Time, Glassnode](https://www.coindesk.com/markets/2025/07/26/bitcoin-hits-usd1t-realized-cap-as-price-holds-above-usd118k-after-usd9b-btc-sale-by-satoshi-era-whale)

[3] [Bitcoin MVRV Pricing Bands Hint At $130K, But Only If This](https://cryptorank.io/news/feed/4b446-bitcoin-mvrv-pricing-bands-hint-at-130k-but-only-if-this)

[7] [Bitcoin Trapped in $117K Range Amid $100B Market Cap](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-trapped-117k-range-100b-market-cap-slide-2-7-drop-2507/)