Bitcoin News Today: Bitcoin Pulls Back to $117,914 as $47.5M Liquidations Trigger Ethereum’s 2.98% Market Share Gain

Bitcoin experienced a pullback to $117,914 on July 28, 2025, following $47.5 million in liquidations as the asset struggled to break above the $119,000 resistance zone, a high-leverage area packed with long positions. The failure to surpass this level triggered a cascade of forced sell-offs, underscoring the fragility of Bitcoin’s current rally [1]. The 24-hour liquidation heatmap revealed dense clusters of long positions in the $118,000–$119,000 range, while a strong resistance persisted between $120,000 and $120,600 due to concentrated short positions. This dynamic has repeatedly capped Bitcoin’s upward momentum, causing sharp sell-offs on each attempt to reclaim $119,000 [1].

Market share shifts are accelerating, with Ethereum gaining traction as Bitcoin’s dominance declined by 4.98% over the past month. Ethereum’s market share rose by 2.98%, driven by strong inflows into spot ETH exchange-traded funds (ETFs). These inflows reached $1.8 billion in the week leading up to July 28, dwarfing Bitcoin’s $72 million in ETF inflows [1]. The capital rotation has spilled over into high-beta altcoins like Solana, Avalanche, and Chainlink, which have seen increased volatility and trading volumes as traders seek alternative opportunities amid Bitcoin’s stalled breakout attempts [1].

Analysts emphasize the critical importance of a decisive break above $119,500 to sustain Bitcoin’s bullish trajectory. A weekly close above this level could trigger a rally toward $135,000, according to technical indicators. However, the MVRV (Market Value to Realized Value) ratio for Bitcoin is approaching historical levels associated with market cycle tops, a signal that CryptoQuant analysts caution could mark a peak as early as late August or September [1]. Macro factors, including U.S. trade negotiations and potential Federal Reserve dovishness, are seen as potential catalysts for renewed risk appetite, though their impact remains uncertain [1].

The broader crypto market remains polarized. While Bitcoin’s bull run is not yet over, caution is advised due to the concentration of leverage near key resistance levels. Ethereum’s ecosystem gains, fueled by ETF demand, reflect a broader shift in investor sentiment toward projects with strong on-chain activity and utility [1]. For altcoins, the capital reallocation from Bitcoin has created opportunities for growth, though sustained performance will depend on macroeconomic conditions and regulatory clarity.

Key technical hurdles persist for Bitcoin, with the $119,500 level acting as a psychological and structural barrier. A failure to break through could reignite liquidations and test support levels lower, while a successful breakout may validate the continuation of the bullish trend. Analysts stress the need for patience, as the market digests recent volatility and rebalances positioning ahead of potential macroeconomic turning points [1].

Source: [1] [Bitcoin Faces Resistance Near $119K Amid Liquidations and Market Share Shifts, Analysts Suggest Cautious Outlook July 28, 2025] [https://en.coinotag.com/bitcoin-faces-resistance-near-119k-amid-liquidations-and-market-share-shifts-analysts-suggest-cautious-outlook/]