Bitcoin News Today: Bitcoin Rebounds Past $117K Post Galaxy Sell-Offs, Altcoins Surge 10%+

Bitcoin’s price staged a notable rebound following a sharp decline earlier in the week, with the cryptocurrency surging past $117,000 after dipping to a two-week low of $114,500 on Thursday. The recovery came amid heightened volatility triggered by large-scale sell-offs from Galaxy Digital, which precipitated a $4,000 drop in a matter of hours. By the time of publication, Bitcoin had stabilized above $117,000, raising hopes among analysts that the move could signal a potential path to new all-time highs if the level holds [1].

Altcoins also saw significant gains, with Ethereum rebounding above $3,700 after a 3.5% daily increase. SUI, a prominent token in the Solana ecosystem, surged over 10% to reach $4, marking one of the most notable performances among alternative cryptocurrencies. Other strong performers included Solana, HYPE, and XLM, while ENA, SPX, and SKY rose by 17%, 14%, and 13% respectively. The total crypto market cap expanded by approximately $70 billion since the week’s low, pushing it to $3.940 trillion [1].

The recovery followed a period of consolidation for Bitcoin, which had traded sideways near $118,000 for over a week after hitting an intra-day peak of over $123,000 on July 14. The breakdown on Thursday disrupted this equilibrium, but buyers re-entered the market to halt further declines. Analysts highlighted the significance of Bitcoin maintaining support above $116,800, a level seen as critical for sustaining momentum toward potential record highs in the coming week [1].

Meanwhile, SUI’s 10% jump to $4 underscored renewed interest in Solana-based assets, with traders attributing the rally to a combination of market sentiment and broader crypto sector optimism. The token’s performance was part of a broader trend where double-digit gains were observed across multiple altcoins, reflecting investor rotation into smaller-cap projects amid Bitcoin’s stabilization [1].

The market’s response to recent volatility highlights the interplay between macroeconomic factors and asset-specific dynamics. While institutional sell-offs from firms like Galaxy Digital temporarily pressured prices, the swift rebound suggests resilience in demand. Analysts caution, however, that sustained gains will depend on whether Bitcoin can cement its position above $117,000 without further large-scale dumping. For now, the weekend’s activity has injected renewed optimism into the crypto space, with SUI and other altcoins poised to benefit from improved risk appetite [1].

Source: [1] [Bitcoin Price Recovers $3K, SUI Rockets 10% to $4: Weekend Watch] [https://coinmarketcap.com/community/articles/688488a21013875e148796b0/]