Bitcoin News Today: Pump.fun Buybacks Drive PUMP Token 18% as Bitcoin Consolidates Near $117K

Bitcoin's price has remained in a narrow range of $117,000 to $118,000, signaling a potential breakout as technical indicators like the RSI and ADX suggest market indecision and a consolidation phase [1]. Meanwhile, the Pump.fun platform's native token, PUMP, has surged 18% amid this sideways movement, outpacing most other tokens in a market where 90% of cryptocurrencies saw less than 4% movement in the last 24 hours [1].

The PUMP token’s rally is being attributed to Pump.fun's aggressive buyback strategy. On July 30, the platform allocated approximately $2.16 million in daily fees—100% of its platform revenue—to repurchase PUMP tokens [1]. This strategy has not only revived investor confidence but also reversed the token’s fortunes after a prior 62% decline [1]. Technical analysis further supports this bullish momentum: PUMP's RSI at 57.09 and an ADX of 19 indicate emerging buying pressure and a potential trend reversal. Additionally, the token has broken through a descending resistance line, forming an ascending triangle pattern—a technical signal often associated with upward price movement [1].

Bitcoin’s consolidation appears to reflect broader market caution, with key support levels at $115,000 and $112,000, and resistance at $120,000 and the all-time high of $123,171. The market is currently waiting for a clear directional cue, with no major catalysts pushing prices either up or down [1]. Meanwhile, the overall crypto market cap remains stable at $3.87 trillion, with a 0.31% rise as traders react to the Federal Reserve’s decision to keep interest rates steady at 4.25–4.5% [1].

Broader financial markets remain supportive of crypto prices. The S&P 500 rose 0.92%, gold increased 0.64%, and oil prices held steady at $76.34 per barrel amid geopolitical uncertainty [1]. The recent passage of the GENIUS Act in the U.S., which provides regulatory clarity for stablecoins, is also seen as a factor contributing to market stability [1].

Looking ahead, PUMP's trajectory will depend on its ability to maintain its current momentum and stay above $0.0025—a former resistance level now acting as a support. If it breaks $0.0040, it could face a bearish trigger, reinforcing the importance of key technical levels. For Bitcoin, the consolidation phase is expected to continue until a significant whale-driven move or macroeconomic shift occurs [1].

Pump.fun’s full pivot to token buybacks has made PUMP one of the rare bright spots in a generally flat crypto market. As the broader market waits for a breakout, investors are advised to closely monitor both PUMP’s technical indicators and Bitcoin’s key levels [1].

Source: [1] Bitcoin Consolidates Near $117K as Solana’s PUMP Token Sees Possible Buyback-Fueled Rally (https://en.coinotag.com/bitcoin-consolidates-near-117k-as-solanas-pump-token-sees-possible-buyback-fueled-rally/)