Bitcoin News Today: Bitcoin Stabilizes Above $118,000 After 4% Drop From All-Time High

Bitcoin has recently re-entered a profit zone, with its price stabilizing around $118,000 after reaching a new all-time high of $122,838 on July 14. This consolidation phase has not dampened market sentiment, which remains bullish. According to the Fear & Greed Index, Bitcoin is currently at a greed level of 68, indicating a strong positive outlook among investors. This sentiment, combined with technical analysis of the Logarithmic Growth Curve (LGC), suggests that Bitcoin is still on track for significant upward movements.

The recent price action shows that Bitcoin has spent most of the past 48 hours holding above $118,000 after a wave of profit-taking following its peak. On-chain data provides an interesting overview of Bitcoin investors. Crypto analyst Axel Adler Jr. shared data from CryptoQuant showing that the 30-day moving average of the Fear and Greed Index has climbed back into the optimism zone, now sitting at 66.2%. While this level indicates greed, it is well below the 75% to 80% range that coincided with new price highs in March 2024 and December 2025. This suggests there is still room for bullish sentiment to grow before the market enters an extreme euphoric phase.

Bitcoin’s break above the $120,000 price level and its subsequent peak were followed by a wave of profit-taking, correcting the price to $116,000 briefly before stabilizing around $118,000. Technical analysis of the weekly candlestick timeframe shows that Bitcoin re-entered the first band of the Logarithmic Growth Curve (LGC) resistance zone as it reached this price peak. This band, identified as the light pink region in the chart, has always served as the profit-taking area in each of Bitcoin’s past bull markets. Bitcoin briefly tapped this area in December 2024 and January 2025 before being rejected, similar to the pattern seen in January 2021’s first top in the previous bull cycle.

This indicator implies that Bitcoin is now at the start of a final build-up phase. According to crypto analyst TradingShot, the ultimate top for this cycle is expected to be between October and November 2025. Depending on the timing and strength of factors like anticipated US rate cuts in September, Bitcoin’s peak could land anywhere between $140,000 and $200,000. At the time of writing, Bitcoin is trading at $118,152.