Bitcoin News Today: Bitcoin Holds $117K Range as 2.37% Volume Rise Fuels Whale-Driven Rally

Bitcoin continues to hold above $117,400, maintaining a bullish structure despite signs of short-term momentum cooling. The cryptocurrency’s price action oscillates within a defined range of $117,500 to $119,500, with traders and analysts closely monitoring key technical levels. On-chain data indicates rising volume—up 2.37% to $72.31 billion in the last 24 hours—suggesting increased market participation as Bitcoin lingers near resistance at $119,500 [1]. A breakout above this threshold could signal a move toward $123,236 and eventually $131,000, though consolidation remains a near-term priority [4].

Technical indicators present a mixed picture. The Relative Strength Index (RSI) remains above 60, reflecting sustained upward momentum, albeit with a slight decline to 62.41, hinting at temporary buyer fatigue [2]. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the histogram dropping to -161 as the MACD line falls below the signal line. However, both lines stay above the zero level, indicating long-term bullishness persists [3]. Candlestick patterns reinforce this duality: alternating sessions of minor gains and losses, along with long lower wicks near $117,500, underscore defensive buying by institutional players. Resistance at $119,500, marked by recent upper wick rejections, remains robust [1].

Market dynamics highlight a shift in driving forces. Unlike historical bull runs fueled by retail participation, Bitcoin’s current rally appears led by large institutional investors, or “whales,” whose activity has bolstered price stability despite volatility [10]. Analysts note this divergence raises questions about the trend’s sustainability. For instance, Tom Lee’s recent $24,000 BTC price forecast—a bullish projection—reflects confidence in structural momentum but remains untested in the near term [7]. Conversely, concerns persist about a potential 50% pullback if whale activity wanes, particularly as the asset consolidates within a narrow range [5].

The altcoin market lags behind Bitcoin’s performance, with smaller tokens struggling to attract liquidity amid profit-taking pressures. This disparity underscores Bitcoin’s role as the sector’s bellwether, though analysts caution that broader market participation—especially from retail investors—remains a critical factor for long-term sustainability [4]. Regulatory uncertainty in major markets has yet to disrupt technical foundations, but stakeholders remain vigilant about potential divergences in institutional flows [9].

Looking ahead, the market’s focus remains on volume and key resistance levels. A sustained close above $119,500 could validate the continuation pattern, with $120,000 as the next psychological target [4]. However, a failure to hold above $117,400 risks triggering a pullback toward $115,000, testing the integrity of the uptrend. Short-term bearish signals, such as a drop below $114,000, could invalidate the bullish thesis, though strong buying responses during prior declines suggest resilience [1]. Traders await a clear directional move outside the consolidation range to determine whether Bitcoin’s uptrend evolves into a sustained bull market or transitions into a more defensive phase.

Sources:

[1] [Bitcoin's Uptrend Led by Whales as Retail Participation Wanes](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-uptrend-led-whales-retail-participation-wanes-2507/)

[2] [Bitcoin (BTC) Price Today: Bitcoin Price at Crossroads with Consolidation Hinting at Possible Trend Shift](https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-price-at-crossroads-with-consolidation-hinting-at-possible-trend-shift)

[3] [Technical Tug-of-War Intensifies Near ATH Levels](https://news.bitcoin.com/bitcoin-price-watch-technical-tug-of-war-intensifies-near-ath-levels/)

[4] [Bitcoin Holds Firm Above $118000; Altcoins Trade Mixed](https://m.economictimes.com/markets/cryptocurrency/crypto-news-today-bitcoin-holds-firm-above-118000-altcoins-trade-mixed/articleshow/122856754.cms)

[5] [Analyst Sounds Alarm For 50% Crash If Bitcoin Doesn't ...](https://www.mitrade.com/au/insights/news/live-news/article-3-982337-20250724)

[7] [Tom Lee Called Bitcoin's Peak In 2024 And Just Made Another Bold $2400 BTC Price Prediction](https://www.financemagnates.com/trending/tom-lee-called-bitcoins-peak-in-2024-and-just-made-another-bold-2400-btc-price-prediction/)

[9] [Bitcoin and Ethereum Whales Hold on Binance While OKX Traders Rush to Exit Profits](https://cryptopotato.com/bitcoin-and-ethereum-whales-hold-on-binance-while-okx-traders-rush-to-exit-profits/?amp)

[10] [Bitcoin Holds $115K as Liquidity Battle Continues](https://www.binance.com/en/square/post/07-23-2025-bitcoin-news-bitcoin-holds-115k-as-liquidity-battle-continues-140k-target-still-in-sight-27326130010049)