Bitcoin News Today: Bitcoin Falls 2.5% as $113,000 Support Tests Post-Galaxy Sell-Off and Whale Profit-Taking

Bitcoin’s price action has drawn heightened attention as it consolidates near critical resistance levels, with analysts emphasizing the significance of the $113,000 threshold. The cryptocurrency, which traded at $115,500 as of late June, has faced renewed pressure following a 2.5% decline in the past 24 hours, dropping from $118,000 to $115,000 [1]. This move coincided with a $1.18 billion sell-off by Galaxy Digital and a 370 million USDT withdrawal, triggering widespread liquidations of $144 million in long positions [2]. Analyst Captain Faibik warns that the breakdown of the rising wedge formation could see prices collapse to the $95,000–$98,000 range if the $113,000 support level is breached. The analyst highlights the Bearish PO3 model on daily charts as a potential red flag, cautioning that “late buyers may be misled by deceptive bullish signals” [3].

The current price battleground lies within the $115,000–$118,000 range, with on-chain data offering mixed signals. The Index Bitcoin Cycle Indicators (IBCI) have entered the “Distribution” zone—a late-bull phase marker—but only reached 80% of its upper boundary, suggesting a measured expansion rather than overheating [5]. Key metrics like the Puell Multiple and Short-Term Holder Spent Output Profit Ratio (STH-SOPR) remain below midpoints, indicating subdued short-term speculation. Meanwhile, Bitcoin’s 24-hour trading volume surged 23% to $87.46 billion, though much of this growth stemmed from whale profit-taking [1].

Market dynamics remain volatile. On July 10, Bitcoin briefly spiked past $112,000, hitting an intraday high of $123,200, but stabilized around $117,241 by July 24 [4]. Broader altcoin selloffs have added pressure, with liquidations reaching $967 million amid a 2.3% Bitcoin drop [3]. Analyst Amr Taha notes that the $118,300 level, a realized price for short-term holders, acts as a psychological support, but cautions that a daily close below $113,000 could psychologically weaken investor confidence [5].

Institutional activity further complicates the outlook. A recent analysis by ChatGPT highlighted treasury buying as a buffer against altcoin rotation risks, yet Bitcoin remains near critical levels ahead of its monthly close. If it fails to reclaim $120,000, a weak close is anticipated [6]. Conversely, Wall Street analyst Tom Lee forecasts a long-term target of $3 million by 2024 but reiterated a $250,000 price goal for 2025, citing structural supply-demand dynamics [7].

Bitcoin’s dominance in the crypto market has also fluctuated. Its dominance ratio exceeded 62% as altcoins underperformed, though volatility persists. The cryptocurrency retreated below $118,000 on July 19, testing a key support level amid broader market jitters [9]. Analysts stress that while fundamentals remain robust, short-term corrections pose risks, particularly if retail sentiment shifts or miner activity intensifies.

Investors are urged to monitor the $115,000–$118,000 range closely, as outcomes here could shape near-term trends. Faibik’s advice to wait for a clear daily close below $113,000 underscores the importance of confirming signals before taking positions. The interplay of technical indicators, on-chain activity, and macroeconomic factors suggests a market in flux but not yet at a tipping point [5].

Source: [1] [COINTURK](https://coinmarketcap.com/community/articles/688360278708453433dceedb/) [2] [Yahoo Finance](https://finance.yahoo.com/news/bitcoin-outlook-why-price-surged-070645652.html) [3] [AInvest](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-stabilizes-115500-2-drop-altcoin-liquidations-hit-967m-market-rotates-2507/) [4] [Financemagnates](https://www.financemagnates.com/trending/why-is-crypto-going-down-xrp-dogecoin-ethereum-and-bitcoin-prices-are-falling-today/) [5] [NewsBTC](https://www.newsbtc.com/bitcoin-news/market-top-or-just-a-pause-analysts-weigh-in-on-bitcoins-quiet-zone/) [6] [Cryptonews](https://cryptonews.com/news/chatgpts-42-indicator-btc-analysis-flags-critical-120k-test-amid-altseason-uncertainty-and-treasury-surge/) [7] [Financemagnates](https://www.financemagnates.com/trending/tom-lee-called-bitcoins-peak-in-2024-and-just-made-another-bold-2400-btc-price-prediction/) [9] [Perplexity](https://www.perplexity.ai/finance?tab=crypto)