Bitcoin News Today: Bitcoin Holds $117K as Binance Volume Surges 50% to 60%

Bitcoin’s potential for a price rally has gained traction as analysts highlight a surge in spot trading volume on Binance, one of the largest cryptocurrency exchanges. The exchange’s market share in spot trading rose from approximately 40% on July 15 to as high as 60% by July 18, a trend historically linked to upward movements in Bitcoin’s price. According to a CryptoQuant analysis by contributor Amr Taha, Binance’s spot volume market share climbing to 58% on July 23 further reinforced Bitcoin’s $117,000 support level [1]. This follows a similar spike in early July, when Binance’s share hit 60% alongside Bitcoin holding above $117,000 on the daily chart [1].

The $117,000 threshold has emerged as a critical support zone, bolstered by Binance’s liquidity and execution efficiency. Bitcoin’s price stability at this level has been observed multiple times since its initial breakout, indicating robust market confidence. Additionally, the asset’s resilience near the Realized Price of the 1-day to 1-week UTXO Age Band—currently near $118,300—suggests that newer holders are not capitulating and that recent buyers’ on-chain cost basis remains respected [1]. UTXO age bands classify Bitcoin holdings by unspent transaction duration, with shorter-term activity often reflecting speculative behavior and longer-term activity indicating stronger conviction.

Technical analysts have also pointed to bullish patterns. Titan of Crypto identified an inverse head and shoulders formation on the weekly chart, projecting a price target of $144,000 for Bitcoin [1]. Meanwhile, CryptoQuant analyst Chairman Lee forecasted a potential $180,000 price level by the end of 2025, citing on-chain metrics like the IFP indicator, which suggests major holders continue to retain Bitcoin despite proximity to record highs.

However, some caution is warranted. Exchange reserves recently reached their highest levels since June 25, raising concerns about potential sell pressure. At press time, Bitcoin traded at $119,097, a 0.6% increase over the past 24 hours. While Binance’s volume surges align with Bitcoin’s recent recovery from a mid-July low of $105,400, the correlation does not universally predict sustained gains. Market dynamics can be influenced by external factors, and elevated volumes on individual exchanges may not always reflect broader participation.

The interplay between exchange activity and price movements remains a focal point for investors. Binance’s dominance in spot trading—accounting for a significant market share—positions its volume trends as a relevant metric for gauging investor sentiment. As Bitcoin navigates its post-July trajectory, further validation of the volume-price relationship will be critical for assessing the asset’s near-term direction.

Source:

[1] [A Trillion Dollars](https://www.cointel.io/en)

[2] [Coinspeaker's Profile](https://www.binance.com/en/square/profile/coinspeaker)