Bitcoin News Today: Crypto Market Slides on Macro Jitters as Bitcoin Falls 1.75% Below $116K

The cryptocurrency market experienced a broad and sharp correction on July 31, with major digital assets falling under pressure amid macroeconomic jitters and shifting sentiment. Bitcoin, the largest cryptocurrency by market capitalization, dropped below $116,000, recording a 24-hour decline of 1.75% to $115,730. Ethereum also weakened, falling to $3,691—a 3.13% drop over the same period. Smaller altcoins fared worse, with several experiencing double-digit declines, including BIO down 11.26% and REZ down 10.42% [1]. The widespread sell-off was attributed to the decline in U.S. stock futures and the potential for higher tariffs under former U.S. President Donald Trump, as well as broader risk-off sentiment [1].

The bearish pressure was further highlighted by the Bitcoin Coinbase Premium Index turning negative for the first time since May 29, ending a 62-day streak of positive premiums [3]. This signals a notable shift in demand dynamics, especially among U.S.-based buyers. On-chain analyst Boris Vest noted that the taker buy/sell ratio had fallen to 0.9, indicating increased selling pressure from market makers [3]. However, Bitcoin has managed to stay above $115,000, suggesting that larger institutional players continue to absorb downward momentum.

Market structure metrics paint a mixed picture. The Bitcoin Futures Cumulative Volume Delta reflects persistent selling pressure, but prices have not broken below key support levels, indicating underlying strength and a potential divergence [3]. Additionally, the Net Realized Profit/Loss (NRPL) and Adjusted SOPR metrics show no signs of widespread panic selling, with investors remaining cautiously optimistic and avoiding large-scale exits [3].

On the macroeconomic front, the recent U.S. JOLTS report showed weaker-than-expected job openings, reinforcing the so-called “Goldilocks” economic scenario that favors risk assets [3]. Meanwhile, consumer confidence has rebounded after six months of decline, adding a layer of optimism to the broader market environment.

Technical indicators suggest Bitcoin is in a consolidation phase, with trader Titan of Crypto noting that Bollinger Bands and the RSI are tightening, signaling a potential breakout [3]. The next major catalyst for the market is likely the upcoming Federal Open Market Committee (FOMC) meeting, which could provide clarity on the direction of U.S. monetary policy and influence liquidity flows.

Institutional activity has also been notable, with large asset rotations beginning to replace early Bitcoin holders [4]. While the market is showing signs of consolidation and profit-taking, it remains highly sensitive to macroeconomic signals and liquidity shifts [3].

The current correction could be a necessary correction before the next leg of the bull trend, but investors are advised to monitor both technical levels and macroeconomic developments closely.

Source:

[1] https://coinstats.app/news/63a256effded594a71193506e4974bdffd047bedfa60b54e150931cb8af308c9_Crypto-Price-Analysis-731-BITCOIN-BTC-ETHEREUM-ETH-SOLANA-SOL-ARBITRUM-ARB-CURVE-CRV

[2] https://www.binance.com/en-BH/square/news/all

[3] https://www.coinglass.com/ru/news/524189

[4] https://cryptoadventure.com/institutional-titans-replacing-early-bitcoin-holders-in-largest-rotation-ever-seen