Bitcoin News Today: Bitcoin Fails $120K Breakout Amid Trump-EU Trade Deal BNB Hits $850 All-Time High

Bitcoin (BTC) edged toward a $120,000 psychological threshold in late July 2025 but faced immediate resistance, retreating to approximately $119,000 as of press time. The asset’s inability to break past this level followed a week of volatile swings, including a sharp decline below $117,000 amid a large-scale sell-off by Galaxy Digital on behalf of a third party. While the price rebounded into a prior trading range by the weekend, a brief resurgence on Sunday tied to a Trump-EU trade deal pushed BTC closer to the $120,000 mark before sellers intervened again [1]. Meanwhile, the cryptocurrency’s market capitalization stabilized near $2.365 trillion, though its dominance over altcoins dipped below 59%, reflecting ongoing outflows to smaller-cap assets [1].

BNB, the native token of the Binance ecosystem, continued its upward trajectory, notching another all-time high above $850. The token’s recent momentum followed a brief pullback from $800 last week, with bulls maintaining control as the price extended its rally through consecutive days of gains. BNB’s performance was part of a broader altcoin surge, with Ethereum (ETH) touching $3,900, Avalanche (AVAX), and Enjin Coin (ENA) also posting strong gains [1]. The total crypto market cap expanded by $60 billion in a single day, reaching over $4 trillion, as retail and institutional demand for high-performing altcoins intensified [1].

Analysts attributed BNB’s strength to a combination of macroeconomic optimism and strategic developments within the Binance ecosystem. The Trump-EU trade deal, while not directly tied to crypto, was cited as a factor in reduced global market uncertainty, encouraging risk-on behavior. Binance’s internal data noted BTC trading at $117,568 on July 26, with bulls attempting to reclaim the $117,750 24-hour high but falling short of the $120,000 benchmark [2]. Technical indicators, however, remained mixed. Jonathan Hobbs, CFA, highlighted BTC’s recent test of the 1.618 golden Fibonacci extension, a level historically associated with potential reversals. While the price briefly exceeded this threshold, subsequent declines suggested waning buyer conviction [3].

Bitcoin’s struggle to sustain momentum above key resistance levels raised questions about institutional and retail sentiment. Over 95% of BTC supply remained in profit positions, a metric some analysts warned could trigger selling pressure if confidence waned. The price had printed five consecutive 6-month green candles since early 2023, a pattern echoing the 2015–2017 bull market. However, the absence of a definitive breakout above $120,000 indicated lingering caution among market participants, who remained reliant on on-chain metrics and macroeconomic signals for guidance [3].

The broader market context revealed interdependencies between crypto and traditional assets. A six-month decline in the U.S. dollar to its largest drop since 1991 historically supported commodities like gold and silver, which saw increased demand as alternative safe havens. Gold traded near $3,500, while silver approached its 61.8% Fibonacci retracement level at $35.24 per ounce [3]. These dynamics underscored the interconnectedness of global markets, with crypto and traditional asset classes often moving in inverse directions.

Retail investors and traders displayed divergent views on BTC’s short-term outlook. Some analysts speculated that the failure to breach $120,000 could lead to a retracement toward key support levels, such as the 200-day moving average or an ascending triangle pattern [2]. Others argued that BTC’s resilience—evidenced by its five consecutive 6-month gains—signaled a maturing ecosystem capable of weathering near-term volatility. Binance’s July 26 data showed a 1.71% increase in BTC’s value, reinforcing the notion that buyers remained active in defending the $117,000–$118,000 range [2].

BNB’s rally highlighted growing institutional interest in high-performing altcoins. As Binance expanded its ecosystem and integrated new use cases, the token’s utility as a transaction fee and staking asset became more pronounced. This fundamental strength, coupled with favorable market conditions, positioned BNB to outperform many of its peers in the short term.

In summary, the July 2025 market dynamics revealed a delicate balance between bullish momentum and bearish caution. BNB’s all-time high and BTC’s near-miss at $120,000 underscored the sector’s resilience while highlighting the challenges of sustaining momentum in a highly speculative environment. As traders navigated these developments, the focus remained on technical levels and macroeconomic shifts that could tip the scales in either direction.

Source: [1] [Trump's EU Trade Deal Sparks Crypto Surge: BTC Nears $120K, BNB Breaks ATH] [https://cryptopotato.com/]; [2] [$BTC/USDT Targets $120K? Momentum Heating Up Again!] [https://www.binance.com/en/square/post/27459865003457]; [3] [Bitcoin Hits Golden Fibonacci Extension of Last Bull Run] [https://www.stopsaving.com/2025/07/19/bitcoin-hits-golden-fibonacci-extension-of-last-bull-run/].