Bitcoin News Today: Bitcoin Stalls Near $118K as Altcoins Plunge and Dogecoin Volume Surges 75%

Bitcoin’s recent price action has highlighted growing uncertainty in the cryptocurrency market as the asset hovers near $118,600, unable to break through historical resistance levels. The formation of a rising wedge—a bearish technical pattern—has intensified speculation about a potential correction, particularly as altcoins face sharp declines. While Bitcoin’s daily trading volume exceeds $73 billion and maintains a technically bullish trend, the divergence in investor behavior underscores the fragility of the current rally [1].

The sell-off in alternative cryptocurrencies has accelerated, with Ethereum and Solana under pressure despite institutional strength in the former [2]. Bitcoin’s rising market dominance reflects a broader shift toward the asset as a “safe haven” during volatile periods, squeezing smaller tokens [3]. This trend aligns with historical patterns where Bitcoin’s dominance gains momentum during corrections, often at the expense of altcoins. For instance, Cardano (ADA) briefly reclaimed key technical levels but remains constrained near $0.93, while speculative forecasts like ChatGPT’s projection of ADA reaching $1.50–$2.00 by year-end remain unconfirmed [4]. Dogecoin, however, has shown resilience, with trading volume surging 75% as traders defend its $0.26 support level [5].

On-chain data reveals a split in investor sentiment. Retail traders appear to be locking in profits, while large holders—often defined as whales controlling tens of thousands of BTC—continue to accumulate, suggesting institutional confidence in Bitcoin’s upside potential [1]. This dynamic, however, carries risks: if whales reverse course and begin offloading their holdings, the correction could deepen, potentially dragging Bitcoin below the $100,000 mark. Such a scenario would test the market’s resilience ahead of the holiday season, a historically volatile period for crypto assets [2].

Analysts remain divided on the implications of the recent consolidation. While some argue that patterns like flags and pennants indicate a temporary pause before a push toward $130,000 or higher, others warn that the rising wedge and altcoin underperformance signal waning momentum [3]. Bitcoin’s realized market cap briefly surpassed $1 trillion, a milestone tied to real capital flows rather than speculative trading, but sustaining this level remains a challenge [4]. The broader market’s stability will depend on whether Bitcoin can reassert control over its price action and whether macroeconomic factors, such as regulatory developments for tokens like ADA, provide additional support [5].

The interplay between Bitcoin and altcoins has further complicated the outlook. A 75% surge in Dogecoin’s trading volume and Pi Coin’s resilience amid the slump highlight pockets of activity, yet most altcoins remain in freefall [5]. This divergence suggests that while Bitcoin may continue to attract institutional attention, smaller tokens are increasingly vulnerable to broader risk-off sentiment. The market’s next move will likely hinge on whether buyers can stabilize Bitcoin’s price and whether macroeconomic conditions—such as regulatory clarity or macroeconomic data—offer catalysts for a renewed rally [4].

Sources: [1] [Bitcoin Hits Ceiling While Altcoins Dump – Is the Rally Over?](https://coindoo.com/market/bitcoin-hits-ceiling-while-altcoins-dump-is-the-rally-over/) [2] [Crypto Prices Dump as FTX Plans September Payout](https://www.mitrade.com/au/insights/news/live-news/article-3-983856-20250724) [3] [Markets are digesting recent gains while staying buoyed](https://www.facebook.com/groups/5848753005165229/posts/30961643903449459/) [4] [Research](https://www.blockscholes.com/research) [5] [Can Cardano's Price Hit $3 Again? ChatGPT's Bold ADA...](https://bitcoinist.com/chatgpt-claims-ada-is-waking-up-could-3-be-back-on-the-table/) [6] [Dogecoin Volume Surges 75% as Traders Defend $0.26...](https://yellow.com/news/dogecoin-volume-surges-75-as-traders-defend-dollar026-support) [7] [Today, BTC ETFs saw –$131M, while ETH ETFs...](https://www.instagram.com/p/DMdT9dntcFr/)