Bitcoin News Today: Bitcoin Falls 1.3% Below $117.5K as Whale Selling Fuels Price Drop Warnings

Bitcoin’s price retreated below $117,500 on July 22, 2025, as traders and analysts signaled growing caution about further downward momentum. The cryptocurrency, which had briefly touched $119,000 earlier in the day, failed to sustain its advance toward the $120,000 psychological threshold, raising concerns about the resilience of current bullish sentiment. Market participants highlighted a combination of whale activity, shifting trader expectations, and macroeconomic dynamics as key factors influencing the pullback.

The decline followed a wave of selling pressure from large holders, or “whales,” who have been offloading positions near local highs, according to data from Cointelegraph Markets Pro and TradingView. This distribution behavior has created immediate barriers to the upside, with traders warning that any further weakness could accelerate downward trends. On social media platforms, analysts like Roman and Material Indicators emphasized the potential for prices to test support levels as low as $110,000. “If $116,750 doesn’t hold, the $110k range may come into focus quickly,” Material Indicators tweeted, noting whale-driven liquidity shifts on BTC/USDT order books.

Short-term investor behavior also drew attention as a stabilizing factor. According to analytics platform CryptoQuant, cost bases for short-term holders (STHs) around $115,700 and $105,000 could act as “tested support zones” during potential pullbacks. The firm cited its Net Realized Profit and Loss (NRPL) data as a key indicator, noting that the absence of large-scale profit-taking at $120,000-levels suggested sustained investor conviction in future price gains. “Even as the price approaches the $120,000 level, we are not seeing a massive profit realization event… This is a very positive sign,” CryptoQuant stated in a blog post.

Meanwhile, macroeconomic developments in the U.S. introduced a layer of complexity. The release of July’s Job Openings and Labor Turnover (JOLTS) data, which came in slightly below forecasts, was interpreted as a mixed signal for risk assets. Analysts described the reading as “not too hot, not too cold,” creating a cautiously optimistic environment for markets. Similarly, a rebound in consumer confidence—a reversal after six months of declines—was seen as a bullish catalyst. “Growing investor optimism about the future” was highlighted by CryptoQuant as a potential driver for Bitcoin’s longer-term trajectory.

Despite these macroeconomic positives, on-chain activity pointed to ongoing challenges. Whale transactions and short-term selling pressures underscored the fragility of current gains. A Twitter user analyzing Elliott Wave patterns suggested a potential “C wave” correction toward $111,000, a view echoed by others who stressed the importance of holding key levels like $115,700. “We’ve got bear divs, everyone expects up, would make more sense to push down before a potential move higher,” Roman observed, reflecting a broader trend of bearish sentiment among active traders.

The interplay between technical indicators and macroeconomic data paints a nuanced picture for Bitcoin’s near-term prospects. While fundamental factors like employment and consumer confidence offer a floor for risk-on sentiment, on-chain metrics and trader positioning suggest heightened volatility. The ability of Bitcoin to stabilize above $115,700 could determine whether short-term holders act as a buffer or exacerbate further declines. As the market navigates this inflection point, analysts remain divided between those advocating for caution and those betting on a rebound fueled by undiminished long-term bullish narratives.

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[1] Bitcoin slides below $117.5K amid warnings further BTC price drops next (https://cointelegraph.com/news/bitcoin-slides-below-117-5k-warnings-further-btc-price-drops-next)