Bitcoin News Today: Bitcoin Falls 3% Below $120,000 As Profit-Taking And Macroeconomic Shifts Weigh On Market

Bitcoin (BTC) retreated below its recent intraday high on July 24, 2025, marking a 3% decline to $115,204 after failing to retest the $120,000 psychological threshold. The drop followed a brief rally that had pushed the asset toward $123,000 earlier in the week. While the market capitalization remained above $2.29 trillion, daily trading volume surged to $73.3 billion, reflecting continued liquidity despite the pullback [1]. Technical analysts noted the 50-day Exponential Moving Average (EMA) at approximately $115,000 as a critical support level, with a breakdown below $116,000 potentially extending the correction phase [1].

The broader cryptocurrency market mirrored Bitcoin’s underperformance. Solana (SOL), which had gained momentum in prior sessions, fell 4.5% to $177.38, while Dogecoin (DOGE) and Cardano (ADA) dropped 2.8% and 1.2%, respectively. XRP (XRP) and BNB (BNB) posted smaller declines of 0.7% and 0.1%, maintaining their positions among the top 10 by market capitalization. The market pullback, though mild, signaled a cooling in the bullish momentum that had characterized recent weeks [2].

Amid the decline in major assets, memecoins and smaller altcoins surged, capturing trader attention. Tokens like The Innovation Game (TIG), Pepecoin (PEP), and Vine (VINE) saw gains exceeding 40%, with Pepecoin spiking 46.9% to $0.0004199. These sharp moves underscored a renewed speculative appetite for high-risk, high-reward assets, even as blue-chip cryptocurrencies consolidated [3]. The altcoin rally, however, was not uniform; projects tied to traditional narratives, such as Ethereum (ETH), which fell below $3,700, struggled to maintain gains, highlighting diverging investor priorities [2].

Analysts attributed the market shift to a combination of profit-taking after recent rallies and evolving macroeconomic conditions. The U.S.-Japan economic agreement and broader geopolitical dynamics indirectly influenced risk appetite, though the immediate catalyst appeared to stem from internal market forces. On-chain data revealed mixed signals, with increased exchange deposits—often linked to bearish sentiment—raising questions about short-term stability. Mitrade’s July 23 report emphasized the 200-day EMA and Fibonacci retracement levels as key indicators for Bitcoin’s near-term direction, cautioning that sustained weakness could test the $115,000 support [1].

The divergence between major cryptocurrencies and speculative altcoins highlighted persistent challenges in sustaining retail-driven trends. While institutional investors gravitated toward blue-chip assets, retail traders increasingly favored high-volatility tokens, a pattern that has historically led to sharp corrections. The absence of robust on-chain fundamentals, such as sustained derivatives open interest or reduced exchange inflows, further fueled caution among market participants.

Sources: [1] [Bitcoin Price Forecast: BTC rejected from $120,000 as...](https://www.mitrade.com/insights/news/live-news/article-3-980586-20250723) [2] [EUR/JPY holds above 172.00 after the US-Japan deal](https://www.fxstreet.com/news/eur-jpy-holds-above-17200-after-the-us-japan-deal-pm-ishibas-resignation-202507230733) [3] [One site. All news. kripto.NEWS](https://kripto.news/)