Bitcoin News Today: Bitcoin Drops 0.16% Amid Sustained ETF Outflows, Below $118,000 Support

Bitcoin fell below $118,000 on July 24, reflecting a 0.16% decline over the past 24 hours, marking a notable shift in market dynamics after a period of consolidation [1]. The drop, influenced by sustained outflows from Bitcoin spot exchange-traded funds (ETFs) for a second consecutive day, highlighted cautious investor sentiment amid broader market uncertainty [2]. Traders and analysts are now closely monitoring whether the cryptocurrency can stabilize above critical technical levels or face further downward pressure in the coming days [3].

The decline intensified focus on the $118,000 threshold, a psychological and technical support level. A sustained breakdown could test the next key support at $116,000, while a rebound above $119,500 might signal renewed bullish momentum aligned with growing institutional demand [3]. Analysts noted that prolonged trading above the 21-day simple moving average (21SMA) could trigger a rally toward historical highs, but recent outflows and profit-taking activity have tempered near-term optimism [1].

The broader cryptocurrency market mirrored Bitcoin’s mixed performance. Ethereum retreated amid risk-averse positioning, while BNB reached a record high earlier in the week, underscoring divergent trends in altcoin markets [1]. These fluctuations underscore lingering uncertainty as investors balance short-term corrections against long-term bullish expectations.

Technical analysts emphasized the criticality of Bitcoin’s near-term price action. A sustained decline below $118,000 could invite further selling, but a rebound above $119,500 might restore confidence. Regulatory developments remain a potential catalyst for volatility, though no major announcements influenced the July 24 decline [4].

The week leading up to July 24 saw fluctuating narratives. While early-week optimism centered on consolidation above the 21SMA as a potential gateway to all-time highs, ETF outflows and profit-taking activity eroded that momentum by late July [3]. By July 22, Bitcoin traded near $118,000, with observers citing regulatory scrutiny and macroeconomic factors as likely drivers of near-term volatility [4].

Long-term sentiment remains divided. Proponents argue Bitcoin’s fundamentals—bolstered by institutional-grade product adoption—remain robust, while critics caution that short-term corrections are inevitable as the market adapts to evolving regulatory frameworks [1]. For now, the focus is on whether Bitcoin can stabilize above key moving averages and attract renewed ETF inflows to reinvigorate its rally.

Sources:

[1] [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]

[2] [Crypto Today: Bitcoin, Ethereum, XRP show weakness, but ...] [https://www.mitrade.com/insights/news/live-news/article-3-980667-20250723]

[3] [24.07.2025 - Trading Signals for BITCOIN... - InstaForex] [https://www.instaforex.com/forex_analysis/385767]

[4] [Bitcoin consolidates, Ethereum and XRP trim gains as Elon ...] [https://www.mitrade.com/au/insights/news/live-news/article-3-977525-20250722]