Bitcoin News Today: Bitcoin Surges Past $117,500 as 613,000 BTC Sell Pressure Tests Market Stability

Bitcoin surged past $117,500 in late July, reigniting debates about market stability as conflicting signals emerge from on-chain activity, institutional speculation, and macroeconomic developments. The cryptocurrency’s price briefly breached $119,000 before consolidating amid heavy selling pressure from large holders, with over 613,000 BTC—valued in the billions—poised to re-enter the market, creating a critical resistance level that could trigger a significant selloff [1]. Analysts highlight that accumulated positions held by whales and institutions may indicate profit-taking or liquidity needs, complicating the bullish momentum [2].

Coinbase’s recent listing of Treehouse (TREE), an altcoin also supported by Binance, added further interest to the crypto sphere. However, the move did not significantly alter TREE’s market price due to its existing recognition and substantial market cap of $109 million. The altcoin will be labeled as “experimental” on Coinbase, warning investors of potential risks. Meanwhile, Coinbase announced it would not facilitate the conversion of Arena-Z (A2Z), a successor to LOKA, through its platform [2].

Market dynamics remain tense as dormant whale wallets reactivate after prolonged inactivity, a pattern historically linked to price corrections. CoinDesk reported increased movements from high-capacity addresses in late July, raising fears of a coordinated selloff despite Bitcoin’s broader uptrend [2]. U.S. investor demand has shown signs of cooling, with Mitrade noting a daily decline in BTC holdings as retail participation wanes [3].

Technical indicators present a mixed picture. Bitcoin’s consolidation above $116,000 is seen as a sign of resilience by some analysts, who link the price action to macroeconomic tailwinds such as ETF inflows and expectations of a 2025 Federal Reserve rate cut. However, projections of a $150,000 target within the current bull run, as suggested by CoinCentral, remain speculative, lacking immediate catalysts beyond institutional adoption and supply constraints [5].

On-chain metrics and macroeconomic factors underscore Bitcoin’s rally fragility. Mitrade’s analysis connects the cryptocurrency’s potential for a 15-17.5% rally to changes in M2 money supply, a theory dependent on Bitcoin’s 60-90 day lag in responding to monetary policy shifts [6]. Yet, this forecast remains untested against current conditions where short-term volatility dominates.

The interplay between bullish and bearish forces highlights the speculative nature of the crypto market. While institutional activity and macroeconomic trends support optimism, on-chain data and whale movements signal caution. Investors remain divided, with some viewing the volatility as an opportunity and others bracing for corrections.

Sources:

[1] Coinpedia – [https://coinpedia.org/price-analysis/bitcoin-faces-resistance-at-119k-as-613k-btc-threatens-selloff-whats-next-for-btc-price/](https://coinpedia.org/price-analysis/bitcoin-faces-resistance-at-119k-as-613k-btc-threatens-selloff-whats-next-for-btc-price/)

[2] CoinDesk – [https://www.coindesk.com/daybook-us/2025/07/29/whale-revives-profit-taking-concerns-as-bitcoin-holds-flat-crypto-daybook-americas](https://www.coindesk.com/daybook-us/2025/07/29/whale-revives-profit-taking-concerns-as-bitcoin-holds-flat-crypto-daybook-americas)

[3] Mitrade – [https://www.mitrade.com/insights/news/live-news/article-3-995115-20250730](https://www.mitrade.com/insights/news/live-news/article-3-995115-20250730)

[4] FXStreet – [https://www.fxstreet.com/cryptocurrencies/news/bitcoin-holds-116k-as-price-consolidates-amid-strong-trend-and-policy-tailwinds-202507291138](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-holds-116k-as-price-consolidates-amid-strong-trend-and-policy-tailwinds-202507291138)

[5] CoinCentral – [https://coincentral.com/bitcoin-hits-new-highs-cloud-mining-popularity-soars-swl-miner-becomes-a-new-trend/](https://coincentral.com/bitcoin-hits-new-highs-cloud-mining-popularity-soars-swl-miner-becomes-a-new-trend/)

[6] Mitrade – [https://www.mitrade.com/insights/news/live-news/article-3-993929-20250729](https://www.mitrade.com/insights/news/live-news/article-3-993929-20250729)