Bitcoin News Today: Bitcoin Surges 2.37% to $118,000 Entering Consolidation Amid Mixed Technical Signals

Bitcoin’s price surged past $118,000 on July 26, marking a significant milestone as the cryptocurrency entered a consolidation phase amid mixed technical signals. The move followed a 2.37% rise in daily trading volume to $72.31 billion over 24 hours, reflecting heightened participation as prices fluctuated between $117,500 and $119,500 [1]. This range-bound activity formed an ascending triangle pattern, with buyers showing resilience near $117,500 and resistance persisting at $119,500. The Relative Strength Index (RSI) remained above 60 but flattened, signaling a temporary pause in aggressive accumulation, while the MACD histogram turned negative at -161, hinting at short-term bearish pressure [1].

Institutional activity emerged as a critical driver, with large holders—often termed “whales”—accumulating during pullbacks rather than relying on retail-driven buying cycles [2]. This shift contrasts with historical bull market dynamics and underscores growing institutional influence. Analysts noted that Bitcoin’s consolidation above $117,400 aligns with a broader uptrend established after breaking above $100,000, characterized by consistent higher highs and lower lows [2].

Key technical thresholds remain under scrutiny. A breakout above $119,500 could propel Bitcoin toward $123,236, with subsequent targets at $131,000 contingent on sustained momentum and volume [1]. Conversely, a failure to defend $117,400 risks triggering a pullback toward $115,000, with further declines below $114,000 potentially invalidating short-term bullish signals [1]. Market observers highlighted mixed institutional flows, with some large holders delaying profit-taking despite the consolidation phase [3].

Analyst forecasts diverged. Tom Lee, a prominent market commentator, cited strong technical indicators as a rationale for a $240,000 price target, contrasting with warnings from CoinCentral and Mitrade analysts, who flagged a potential 50% correction if Bitcoin fails to breach current resistance [4][5]. Meanwhile, the broader cryptocurrency market mirrored Bitcoin’s uncertainty, with altcoins trading in a muted range and Bitcoin’s dominance largely unchallenged [6].

The surge past $118,000 came amid a broader context of market resilience. Bitcoin rebounded past $117,000 after Galaxy Digital’s sell-offs caused a $4,000 drop, stabilizing above key support at $116,800 [2]. Earlier in July, the asset reached a record high of over $123,000 before consolidating, with some analysts cautioning about “bull trap” risks as traders piled into long positions [6].

While optimism persists among bullish observers, caution prevails due to macroeconomic uncertainties and mixed on-chain signals. Brave New Coin analysts noted that the current range-bound trading could resolve into either a breakout or a deeper correction, depending on institutional confidence and broader market clarity [3].

Source: [1] [Bitcoin Maintains Uptrend Despite Momentum Shift](https://coinmarketcap.com/community/articles/6882bc151e2c5e524ec0bb89/)

[2] [Bitcoin News Today: Bitcoin Uptrend Led by Whales as Retail Participation Wanes](https://www.ainvest.com/news/bitcoin-news-today-bitcoin-uptrend-led-whales-retail-participation-wanes-2507/)

[3] [Bitcoin Price at Crossroads with Consolidation Hinting at Possible Trend Shift](https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-price-at-crossroads-with-consolidation-hinting-at-possible-trend-shift)

[4] [Tom Lee Called Bitcoin’s Peak in 2024 and Just Made Another Bold $240,000 BTC Price Prediction](https://www.financemagnates.com/trending/tom-lee-called-bitcoins-peak-in-2024-and-just-made-another-bold-2400-btc-price-prediction/)

[5] [Bitcoin Price: Why $131,000 Could Be Next Despite Profit-Taking](https://coincentral.com/bitcoin-btc-price-why-131000-could-be-next-despite-profit-taking/)

[6] [Bitcoin Price Holds Firm Above $118,000 Amid Mixed Signals](https://m.economictimes.com/markets/cryptocurrency/crypto-price-today-bitcoin-holds-firm-above-118000-altcoins-trade-mixed/articleshow/122856754.cms)