Bitcoin News Today: Bitcoin Falls 1.75% Below $116K as Broader Crypto Market Sells Off

Bitcoin's price has shown renewed signs of pressure, slipping below $115,000 for the first time since July 10 on July 16, marking a notable shift after nearly 18 days of trading within a narrow range between $115,000 and $121,000 [1]. By July 31, the cryptocurrency had dropped further, trading at $114,942, and continued to lose 1.75% below $116,000 [2]. This decline was not isolated, as the broader crypto market experienced a sell-off, with Ethereum shedding 3.13% and smaller altcoins suffering double-digit losses [2].

Despite the bearish momentum, analysts suggest the market is showing signs of consolidation. On July 30, Bitcoin hovered near $120,000, with buyers appearing to hold positions in anticipation of a potential breakout [3]. A breakout from the $115,000–$120,000 range could lead to either a rally above $120,000 or a decline below $115,000. In the former case, the price may surge toward a new all-time high beyond $123,218, possibly reaching $135,000. A close below $115,000, however, could trigger a drop to $110,530 and potentially fall further toward $100,000 if that support fails [3].

Institutional buying has continued, with a major firm recently acquiring 21,021 BTC at an average price of $117,256, bringing its total holdings to 628,791 BTC [3]. This activity highlights sustained long-term demand, even amid the current volatility.

However, not all forecasts are bullish. Analysts from 10x Research have warned that reaching $140,000 may be more difficult than anticipated, citing historical seasonality, fading ETF support, and strong resistance near $115,000 as key factors [4]. Traders have also noted a lack of trading volume between $110,000 and $115,000, suggesting that the price may continue to move downward if buyers fail to re-enter at key support levels [5].

The market has also seen a shift in speculative interest, with Ethereum and BNB attracting more attention as Bitcoin consolidates. Ethereum’s perpetual futures volume surpassed Bitcoin’s, marking the largest volume skew on record [3]. This trend may indicate a broader rotation of capital toward altcoins.

With the Federal Reserve’s next interest rate decision on the horizon, uncertainty remains high. On July 30, Bitcoin traded below $118,300 amid investor caution [6], as traders closely watch for policy developments that could influence risk appetite.

While institutional demand remains a stabilizing factor, macroeconomic concerns and technical resistance could continue to weigh on Bitcoin in the near term. Investors are advised to monitor key support and resistance levels and central bank decisions for potential turning points in the market.

Source:

[1] Bitcoin News Today: Bitcoin Trapped in $115000–$121000 Range (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-trapped-115-000-121-000-range-institutional-buying-regulatory-clarity-2508/)

[2] Crypto Market Slides on Macro Jitters as Bitcoin Falls 1.75% Below $116K (https://www.ainvest.com/news/bitcoin-news-today-crypto-market-slides-macro-jitters-bitcoin-falls-1-75-116k-2508/)

[3] Price Predictions 7/30: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI (https://cointelegraph.com/news/price-predictions-7-30-btc-eth-xrp-bnb-sol-doge-ada-hype-xlm-sui)

[4] Why Bitcoin's $140K Goal May Be Harder Than It looks, Says 10x Research (https://coinpedia.org/news/why-bitcoins-140k-goal-may-be-harder-than-it-looks-says-10x-research/)

[5] "Bitcoin Investors' Unrealized Gains Reach $1.4 Trillion..." (https://bloomingbit.io/en/feed/news/93881)

[6] Bitcoin Slips Below $118300 as Market Awaits Fed Decision (https://m.economictimes.com/markets/cryptocurrency/bitcoin-slips-below-118300-as-market-awaits-fed-decision-ethereum-outperforms-with-etf-boost-articleshow/122993846.cms)