Bitcoin News Today: Bitcoin Dips 0.16% Below $118,000 Amid ETF Outflows and Macroeconomic Uncertainty

Bitcoin fell below $118,000 on July 24, recording a 0.16% decline over the preceding 24 hours [1]. The move followed a period of consolidation and volatility, as the cryptocurrency failed to sustain gains above its key psychological threshold. The drop coincided with a mixed performance in the broader crypto market, where Ethereum and XRP saw downward pressure, while BNB reached record highs [2]. Analysts attributed the decline to ongoing uncertainty surrounding spot ETF flows and macroeconomic factors, though technical indicators suggested the market remained in a delicate balance between bearish corrections and bullish potential.

The retreat below $118,000 unfolded amid shifting investor sentiment. Earlier in the week, Bitcoin had held firm above the level, but a second consecutive day of outflows from BTC spot ETFs—$131 million on July 22—signaled cooling demand from institutional participants [3]. In contrast, Ethereum’s spot ETFs drew $297 million on the same day, highlighting divergent capital flows between the two leading cryptocurrencies. This trend underscored a broader reallocation of assets toward alternative coins, which faced mixed outcomes as traders navigated profit-taking and regulatory uncertainties [1].

A notable on-chain development added complexity to the short-term outlook. On July 22, SpaceX transferred 1,308 BTC ($153 million) to a new wallet, ending three years of dormancy. Analysts from Glassnode noted the move reinforced confidence in Bitcoin’s long-term utility but coincided with a period of consolidation above $118,000 [4]. They observed signs of "seller exhaustion," suggesting a potential rebound if buyers reentered the market. However, the recent dip highlighted fragility, as weakening profitability metrics and a bearish MACD indicated caution among traders [3].

Technical analysis revealed a mixed signal. The 21-day SMA at $118,000 acted as a critical support level, and its breach raised concerns about further downward movement. The RSI had retreated from overbought territory but remained at 65, indicating residual buying pressure. Meanwhile, Bitcoin’s position above the 50-day, 100-day, and 200-day EMAs ($110,596; $105,443; $98,512) provided a structural floor for potential recovery [3]. Traders monitored a break above $120,000 to confirm the uptrend’s strength, though prolonged consolidation below the 200-day EMA could signal a broader correction.

Altcoin performance reflected the market’s duality. Ethereum retreated toward $3,600 support after regaining some ground, while XRP faced rejection at its previous all-time high of $3.66. The mixed signals indicated investor skepticism, as altcoins struggled to maintain momentum despite Ethereum’s robust ETF inflows [1]. This divergence underscored Bitcoin’s role as a bellwether for risk appetite in the crypto sector.

The July 24 decline, though modest, emphasized the market’s sensitivity to macroeconomic and on-chain catalysts. With spot ETF flows stabilizing and institutional activity fluctuating, Bitcoin’s path forward hinges on reasserting dominance above key technical levels and attracting renewed buying interest. The coming days will test the market’s resilience, with the 21SMA and 200-day EMA serving as pivotal benchmarks [3].

Sources:

[1] [Bitcoin slips below $118,000 amid profit-taking](https://in.investing.com/crypto/solana/sol-usd)

[2] [Bitcoin holds firm above $118000; Altcoins trade mixed](https://m.economictimes.com/markets/cryptocurrency/crypto-news/crypto-price-today-bitcoin-holds-firm-above-118000-altcoins-trade-mixed/articleshow/122856754.cms)

[3] [Cryptocurrency Today: Bitcoin, Ethereum, XRP show weakness](https://www.mitrade.com/au/insights/news/live-news/article-3-977525-20250722)

[4] [SpaceX’s Bitcoin transfer and market implications](https://www.instaforex.com/forex_analysis/385767)