Bitcoin News Today: Bitcoin Slides 1.34% as Institutional Selling Pressures Price Below $118,000

Bitcoin’s price slid below $118,000 on July 29, marking a 1.34% decline over 24 hours, according to HTX market data [1]. The cryptocurrency briefly traded at $117,985.30, a 1.44% drop from its previous 24-hour level [2]. This follows a larger sell-off event on July 2, when a "whale" account offloaded 80,000 BTC—valued at around $9 billion—sparking a sharp price correction [3]. The move has intensified scrutiny on Bitcoin’s ability to reclaim critical support levels, with analysts suggesting $109,500 as a potential next threshold [4].

The dip below $118,000 has been attributed to a mix of institutional selling pressure and macroeconomic concerns. European exchange OKX reported a 0.51% decline within a single day, underscoring the volatility [5]. Over the weekend, the price briefly slipped below $118,000, testing psychological thresholds and raising concerns about short-term liquidity [6]. Analysts note that portfolio rebalancing and broader market jitters have amplified the downward momentum [4].

Technical assessments highlight a fragile near-term outlook. While the uptrend remains intact, declining trading volume has raised caution about waning market participation [7]. Traders are advised to monitor the $114,000–$116,000 support range, where bullish reversal patterns could signal entry points [3]. However, without a decisive close above $119,200, further consolidation or corrections appear likely [4]. The recent 2.5% decline to $118,000 on July 20 has also prompted investors to shift capital toward alternative opportunities, including presale tokens with utility-driven use cases [8].

Bitcoin’s price action remains embedded in a broader narrative of institutional adoption and macroeconomic interplay. The $118,000 level, once a key resistance, now functions as a dynamic support zone, its durability dependent on catalysts such as regulatory developments and macroeconomic conditions [3]. Analysts emphasize that sustained buying pressure and resolution of systemic risks—like interest rate uncertainty—will be critical for long-term trajectory.

Market participants are navigating a landscape marked by sharp reversals and evolving dynamics. Institutional selling, paired with reduced retail participation, has created a bearish bias, though technical indicators suggest a potential rebound if buyers step in at lower levels [4]. For now, investors are advised to balance risk management with strategic entries, as Bitcoin’s price struggles to regain confidence above the $118,000 threshold.

Source:

[1] [Bitcoin Drops Below 118000 USDT with a 1.44% Decrease in 24 Hours](https://www.binance.com/en/square/post/07-28-2025-bitcoin-btc-drops-below-118-000-usdt-with-a-1-44-decrease-in-24-hours-27571839011777)

[2] [Bitcoin News Today: Satoshi-Era Whale Sells $9B BTC](https://www.ainvest.com/news/bitcoin-news-today-satoshi-era-whale-sells-9b-btc-bitcoin-dips-118k-2507/)

[3] [Bitcoin Price Analysis — Bull Flag or Bull Trap Above $118K?](https://www.ccn.com/analysis/crypto/bitcoin-price-btc-signs-of-strain-what-it-means/)

[4] [BTC Drops to $118K Amid Institutional Selling But WeWake Stuns Investors With a Big Launch](https://www.bitcoininsider.org/article/280626/btc-drops-118k-amid-institutional-selling-wewake-stuns-investors-big-launch)

[5] [HashNews on X](https://x.com/HashNews01/status/1949844771121594629)

[6] [Bitcoin Struggles Below $118K as BTC Price Tests Key Support](https://blockchain.news/news/20250728-bitcoin-struggles-below-118k-as-btc-price-tests-key-support)

[7] [Uptrend Intact, but Volume Drop Raises Caution](https://news.bitcoin.com/bitcoin-price-watch-uptrend-intact-but-volume-drop-raises-caution/)

[8] [Best Meme Coin to Buy Now as BTC Struggles Below $120K](https://en.cryptonomist.ch/2025/07/28/best-meme-coin-to-buy-now-as-btc-struggles-below-120k/)