Bitcoin News Today: Bitcoin Maintains $117K–$118K Range as 75% of Altcoins Fall, Ethereum Gains 11.8% Market Share

Bitcoin has maintained a stable position amid a broader cryptocurrency market correction, resisting declines that have affected most altcoins and ETF outflows. While 75% of altcoins face resistance and 60% of capital has shifted to smaller cryptocurrencies, Bitcoin’s price has hovered between $117,000 and $118,000 for over two weeks, showcasing its role as a "flight to safety" asset [2]. This resilience contrasts with the broader market, where volatility has driven 60% of altcoins into the red and triggered a 10–20% pullback in many tokens [6]. Analysts highlight that Bitcoin’s dominance has dipped by 8.5% to below 59% in recent weeks, coinciding with Ethereum’s surge in market share to 11.8% as it rallied over 60% in the last 30 days [6].

Technical analysis suggests Bitcoin’s short-term chart patterns remain ambiguous, with price action forming either a triangle or an expanding pattern. Bulls appear content to maintain sideways movement, which could amplify the next upward surge if the market rebounds. Momentum indicators like the Stochastic RSI on 8-hour, 12-hour, and daily time frames are resetting, signaling potential for a new wave of upside momentum by mid-week [6]. The daily chart reinforces Bitcoin’s ability to hold above $117,500, with the price breaking out of a triangular pattern by revisiting its base, a potential precursor to a rally [6]. However, given the broader market’s bearish sentiment, further consolidation is likely before a sustained upward move.

Longer-term indicators remain bullish. The 2-week chart shows the Stochastic RSI entering a maximum upside momentum zone, the RSI crossing a downtrend line, and the MACD (momentum and trend direction) expanding its histogram bars. These signals suggest the short-term correction may be nearing its end, with the bull market showing no signs of reversing [6]. Bitcoin’s sustained gains of 1.14% over the past week and 15.12% in the last month underscore this structural strength, contrasting with the broader market’s struggles [4].

The Altseason Index, a key metric for market rotation, reached 51 on July 21, indicating capital could shift toward altcoins if Bitcoin’s dominance weakens [6]. Analysts at Swissblock described this as a "decision point" for altseason dynamics, noting that robust altseasons typically require a decline in Bitcoin’s relative strength. Meanwhile, Bitcoin’s multi-year "cup and handle" pattern has drawn attention, with a breakout potentially reigniting altcoin activity. Market participants are divided on Bitcoin’s trajectory: some attribute its gains to "hype, institutional adoption, and favorable political shifts" rather than fundamentals [1], while others view its stability as a sign of structural resilience.

Bitcoin’s performance has also influenced investor behavior. FxPro’s Alex Kuptsikevich observed a strategic rebalancing, with investors reducing BTC positions to boost altcoin exposure [6]. CoinGlass data supports this, showing no 30 metrics yet indicate a bull market peak [6]. However, critics caution against overreliance on Bitcoin’s strength, with one Seeking Alpha article warning that "Bitcoin’s price surge is driven by hype, not fundamentals," highlighting the market’s speculative nature [1]. Despite these concerns, Bitcoin’s ability to hold above $117,500 amid a downturn reinforces its role as a benchmark for crypto sentiment.

The total crypto market capitalization has fallen to a weekly low of $3.95 trillion, with Bitcoin’s performance remaining a focal point for investors assessing risk appetite [6]. Ethereum’s seven-month high on July 21 and Solana’s 5% gain further illustrate divergent investor strategies. As the market navigates these dynamics, Bitcoin’s stability could signal either a prolonged consolidation phase or the prelude to a new bull cycle, depending on how momentum indicators evolve.

Source:

[1] [Bitcoin's Demise Is Inevitable](https://seekingalpha.com/article/4802962-bitcoin-demise-is-inevitable)

[2] [Bitcoin slips below $117000 amid ETF outflows](https://www.msn.com/en-in/news/other/bitcoin-slips-below-117-000-amid-etf-outflows-all-eyes-on-fed-chair-powell/ar-AA1J2GKy)

[4] [Bitcoin's Outlook: Sustaining $100000 Amid Volatility and Global Economic Uncertainty](https://www.bbntimes.com/financial/bitcoin-s-outlook-sustaining-100-000-amid-volatility-and-global-economic-uncertainty)

[6] [Altseason Indicators Start Flashing Amid Rotation of Capital: Analysts](https://cryptoadventure.com/altseason-indicators-start-flashing-amid-rotation-of-capital-analysts/)