Bitcoin News Today: Bitcoin Falls 3% to $115,376 as Analysts Warn of $110k Support Retest Amid Cooling Market Momentum

Bitcoin analysts have raised alarms over the cryptocurrency’s potential retest of the $110,000 support level as market momentum shows signs of cooling. The warnings follow a sharp decline in institutional inflows, reduced on-chain activity, and profit-taking by major holders, which have collectively cast doubt on Bitcoin’s ability to sustain its recent gains. While the immediate trigger for the pullback is attributed to short-term corrections, experts caution that the broader market dynamics could pressure the asset to revisit key price thresholds.

The recent drop in Bitcoin’s price, which fell 3% to $115,376 in early July, has intensified scrutiny of institutional positioning. Blockchain data firm Lookonchain reported that Galaxy Digital moved nearly 30,000 BTC—valued at $1.15 billion—to centralized exchanges like Binance within a single day, signaling a strategic shift [1]. The firm’s cumulative sales from older wallets over the past week reached $8 billion, though it retains 18,504 BTC, equivalent to $2.14 billion at current prices [1]. Analysts suggest such activity reflects a “healthy reset” after a period of rapid appreciation, with Valentin Fournier of BRN noting that the selloff addresses excessive long positioning and could stabilize the market in the long term [1].

Technical analysts highlight the $110,000 level as a critical benchmark. A breakdown below this threshold could validate a bearish pattern observed on platforms like TradingView, where a potential Bart Simpson reversal formation suggests a retest below $109,000 is “very likely” [2]. However, Dean Chen of Bitunix cautions against interpreting the correction as the start of a bear market, emphasizing that key support levels remain intact and the current phase is a temporary consolidation [1]. He attributes the downturn to liquidity sweeps targeting overleveraged positions but warns that renewed accumulation may occur once market uncertainty subsides [1].

The cooling trend has also affected altcoins, with major assets like XRP, Solana, and Dogecoin mirroring Bitcoin’s decline. Ethereum, however, bucked the trend by rising 2% to $3,722, underscoring the uneven nature of the correction [1]. Analysts stress that while short-term volatility is expected, sustained selling pressure will depend on institutional activity and liquidity dynamics. Adler of Macro Quant/Analyst noted that a lack of momentum growth above 12% could indicate a consolidation phase before the next major price movement [1].

Despite the near-term risks, experts remain cautious rather than alarmist. Both Fournier and Chen highlight the importance of monitoring institutional activity and on-chain data to gauge Bitcoin’s trajectory. The potential retest of $110,000 remains a key watchpoint, with outcomes contingent on whether the market absorbs the correction or faces further downward pressure from sustained selling [1].

Source: [1] [Bitcoin Price Could Retest $110k Amid Market Cooling, Analyst Warns] https://cryptoslate.com/bitcoin-price-could-retest-110k-amid-market-cooling-analyst-warns/ [2] [Page 18 | BTC / Tether USD on BSC] https://www.tradingview.com/symbols/BTCUSDT_5840B7.USD/ideas/page-18/?asset=base