Bitcoin News Today: Bitcoin Price Struggles Between $116K and $120K as Market Awaits July Macro Events

Bitcoin’s price continues to oscillate between $116,000 and $120,000 as the cryptocurrency grapples with a lack of decisive momentum, according to recent analysis. The digital asset briefly reclaimed $120,000 earlier this week but has since retreated to hover near $118,500, reflecting cautious investor sentiment amid a lack of clear catalysts for a sustained breakout. Analysts attribute the sideways movement to market anticipation of macroeconomic developments and liquidity dynamics that could trigger volatility in the coming days [1].

The past week has seen BTC fluctuate within a tight range, with intraday swings underscoring the asset’s sensitivity to shifting market conditions. On Monday, the price surged to an intraday high of $119,603 but settled at $117,402 following profit-taking. A modest rebound on Tuesday pushed BTC above $119,000, only for selling pressure to drive it back below $118,000 by Thursday. The most recent session saw the price stabilize around $118,500, with traders noting overlapping long and short positions intensifying near key psychological levels [1].

Market participants are closely watching liquidity clusters above and below the $115,000 and $120,000 thresholds, which could act as either support or resistance. According to CoinGlass data, overhead liquidity is concentrated near the $120,000 level, raising the possibility of a sharp price reaction if buyers manage to break through. Some traders predict a short squeeze as Bitcoin’s dominance metric climbs to 62%, suggesting a potential shift in market positioning. “Bitcoin liquidity is piling up on the topside. A massive short squeeze is inevitable!” warned one prominent trader, citing the risk of rapid price movements triggered by these clusters [1].

Edul Patel, CEO of Mudrex, emphasized that upcoming macroeconomic events—including the Federal Open Market Committee (FOMC) meeting, U.S. Treasury borrowing plans, and Trump-era tariff proposals—could shape Bitcoin’s trajectory for the remainder of the year. “July’s last days could be pivotal for market sentiment,” Patel stated, highlighting the interplay between central bank policies and geopolitical risks [1]. Felix Juavin, host of Forward Guidance, echoed this view, noting that the final week of July will test markets amid overlapping developments in monetary policy, legal challenges to tariffs, and Supreme Court deliberations on executive authority. “Clarity on these fronts will dictate the next major price move,” he added [1].

While the broader crypto market capitalization has reached record levels, BTC’s consolidation phase underscores lingering uncertainty about its next directional move. Traders remain divided, with some betting on a breakout above $120,000 and others anticipating a pullback to test support near $115,000. The absence of a clear catalyst has left the market in a holding pattern, with analysts urging caution ahead of the critical macroeconomic events in the final week of July [1].

Source: [1] [Bitcoin Price Analysis: BTC Struggles To Gain Momentum, Hovers Around $118,500] [https://bitzo.com/2025/07/bitcoin-price-analysis-btc-struggles-to-gain-momentum-hovers-around-118500]