Bitcoin News Today: Bitcoin Hovers Near $118,000 Amid 2.37% Volume Surge and Institutional Accumulation

Bitcoin’s $118,000 benchmark remains a focal point as the cryptocurrency sustains an upward trajectory despite signs of short-term momentum cooling. Technical indicators and on-chain activity suggest a consolidation phase near key support and resistance levels, with traders and analysts closely monitoring volume dynamics and institutional positioning for directional clarity. The price action over recent weeks has highlighted a defined uptrend, anchored by Bitcoin’s ability to hold above $117,400—a level that has historically drawn significant buying interest [1].

Daily trading volume increased by 2.37% to $72.31 billion in the past 24 hours, reflecting heightened market participation as Bitcoin fluctuates between $117,500 and $119,500 [1]. This tight range has fostered an ascending triangle pattern, with long lower wicks near $117,500 signaling buyer resilience and upper wicks at $119,500 indicating persistent resistance. While the Relative Strength Index (RSI) remains above 60, its recent flattening suggests a temporary pause in aggressive accumulation, contrasting with the MACD’s bearish crossover as the histogram turned negative at -161. However, both MACD lines stay above zero, underscoring long-term bullish momentum [1].

Institutional activity has emerged as a critical driver of Bitcoin’s recent strength, with large holders—often referred to as “whales”—accumulating during pullbacks rather than relying on retail-driven buying cycles [2]. This shift marks a departure from historical bull market dynamics and underscores the growing influence of institutional participants in shaping price trajectories. Analysts note that Bitcoin’s consolidation above $117,400 aligns with its broader uptrend, which has seen consistent higher highs and lower lows since breaking above $100,000 [2].

Key technical thresholds remain under scrutiny. A breakout above $119,500 could propel Bitcoin toward $123,236, with subsequent targets at $120,000 and $131,000 contingent on volume and sustained momentum [1]. Conversely, a failure to defend the $117,400 level could trigger a pullback toward $115,000, testing the integrity of the uptrend structure. If prices fall below $114,000, short-term bullish signals may be invalidated, though strong buying responses during recent dips suggest continued support [1].

Market observers highlight mixed signals from institutional flows, with some large holders delaying profit-taking despite Bitcoin’s consolidation phase. Brave New Coin analysts caution that the current range-bound trading could resolve into either a breakout or a deeper correction, depending on macroeconomic clarity and institutional confidence [3]. Meanwhile, forecasts from analysts like Tom Lee—a prominent market commentator—have added nuance to the outlook. Lee previously projected a 2024 peak but now cites strong technical indicators above key support levels as a rationale for a $240,000 price target [4]. Such optimism contrasts with warnings from CoinCentral and Mitrade analysts, who flag a potential 50% correction if Bitcoin fails to breach current resistance [5].

The broader cryptocurrency market mirrors Bitcoin’s mixed signals, with altcoins trading in a muted range. Bitcoin’s dominance remains unchallenged, though its ability to sustain the uptrend will hinge on whether institutional participation continues to outweigh macroeconomic uncertainties. As whales anchor buying pressure, the immediate focus remains on whether consolidation resolves into a breakout or a deeper correction [6].

Sources:

[1] [Bitcoin Maintains Uptrend Despite Momentum Shift](https://coinmarketcap.com/community/articles/6882bc151e2c5e524ec0bb89/)

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

[3] [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)

[4] [Tom Lee Called Bitcoin’s Peak in 2024 and Just Made Another Bold $240,000 BTC Price Prediction](https://www.financemagnates.com/trending/tom-lee-called-bitcoins-peak-in-2024-and-just-made-another-bold-2400-btc-price-prediction/)

[5] [Bitcoin Price: Why $131,000 Could Be Next Despite Profit-Taking](https://coincentral.com/bitcoin-btc-price-why-131000-could-be-next-despite-profit-taking/)

[6] [Bitcoin Price Holds Firm Above $118,000 Amid Mixed Signals](https://m.economictimes.com/markets/cryptocurrency/crypto-price-today-bitcoin-holds-firm-above-118000-altcoins-trade-mixed/articleshow/122856754.cms)