Bitcoin News Today: Bitcoin Tests $112,000 Support as Market Eyes $130,000 Target After 2.2% Cap Drop

Bitcoin’s price trajectory has sparked renewed debate as technical analysts highlight a potential $112,000 support level before a subsequent push toward higher targets. Recent movements indicate the cryptocurrency may retest this threshold following a "CME gap" formation between $114,440 and $115,555. If this gap is filled, the price could face a critical juncture at $112,000, a level some observers view as pivotal for near-term stability [1]. This scenario aligns with Bitcoin’s recent behavior, as the asset briefly surged past $112,000 on July 26 before retracting to approximately $111,112 [5].

The $114,000–$116,000 resistance zone has emerged as a key focal point. A breakout above this range has already occurred, transforming the former resistance into a support zone. However, current consolidation near this level suggests traders are exercising caution, with further upside contingent on sustained buyer interest [6]. Broader forecasts project Bitcoin could reach $130,000 before significant profit-taking emerges [2]. A 20% increase from its July high of $112,000 would push the price toward $134,400, a target cited by some traders [5]. These predictions, however, remain speculative and depend on macroeconomic factors such as global liquidity trends, which have historically influenced Bitcoin’s volatility [7].

Amid BTC’s price fluctuations, two altcoins—Remittix (RTX) and Ethena (ENA)—are gaining attention for their potential growth. RTX, a decentralized remittance platform, and ENA, a blockchain-based asset management protocol, are being highlighted for their practical on-chain use cases and breakout momentum. Analysts note that these tokens have attracted investor interest due to their low entry points and scalable infrastructure, positioning them as candidates for short-to-medium-term gains [1]. However, such narratives require careful scrutiny, as altcoins remain inherently volatile and subject to market sentiment shifts.

The cryptocurrency market’s overall valuation has shown mixed signals. Total market capitalization dipped 2.2% to $3.85 trillion as of July 16, reflecting broader uncertainty [8]. Despite this, Bitcoin’s dominance remains a stabilizing force for investor sentiment. Institutional adoption and macroeconomic tailwinds, such as increased liquidity, are frequently cited as potential catalysts for sustained upward movement [7]. Nevertheless, forecasts must be distinguished from actionable data. For instance, a Reddit user predicts a base-case scenario of Bitcoin hitting $135,000 by year-end, while an Instagram trader suggests a $140,000 target [2][8]. These projections, however, are speculative and lack verification.

The path to $130,000 or beyond hinges on Bitcoin’s ability to maintain momentum above key resistance levels. A failure to hold above $112,000 could trigger renewed downward pressure, emphasizing the importance of monitoring volume and on-chain metrics [1]. Analysts caution that macroeconomic factors, including global liquidity trends, will play a decisive role in shaping Bitcoin’s next move. For altcoins like RTX and ENA, their performance may serve as a barometer for risk appetite in the broader market, particularly if Bitcoin stabilizes above the $114,000–$116,000 threshold.

Source: [1] [title1: Why BTC Might Hit 112K Before 130, These 2 Altcoins Are Still Expected To Run] [url1: https://partner.cryptopolitan.com/why-btc-might-hit-112k-before-130-these-2-altcoins-are-still-expected-to-run/]; [2] [title2: Bitcoin to Hit $135K by Year-End in Base-Case Forecast] [url2: https://www.reddit.com/r/CryptoCurrency/comments/1m8wqfd/bitcoin_to_hit_135k_by_yearend_in_basecase/]; [5] [title5: Bitcoin (BTC) price rallied to $112k] [url5: https://coinedition.com/tag/bitcoin-3/]; [6] [title6: BTC recently broke above the $114K–$116K resistance area] [url6: https://www.instagram.com/reel/DMjWqtdIf7Q/]; [7] [title7: Global liquidity trends and Bitcoin’s shift in trading range] [url7: https://www.instagram.com/p/DMjrg2yRBxM/]; [8] [title8: Cryptocurrency market capitalization dip and trader predictions] [url8: https://pandaforecast.com/company-news/?ticker=nvda/].