Bitcoin is currently trading near $118,500, showing signs of consolidation after experiencing a recent all-time high of $123,153 on July 14, 2025. This slight decline suggests a period of price correction, which is typical after significant rallies. As of the last week of July 2025, the cryptocurrency is navigating between a strong support level at $116,000 and a resistance zone at $123,000.
Current Market Status
The 24-hour trading volume for Bitcoin remains robust, ranging from $60 to $70 billion, with a market capitalization close to $2.36 trillion. Year-to-date, Bitcoin has risen by more than 25%, indicating sustained investor interest. Recent market activity has been heavily influenced by institutional investments, increased buying from Exchange-Traded Funds (ETFs), and supportive government policies regarding cryptocurrency use.
Factors Influencing Price
Several factors are currently influencing Bitcoin's price:
Technical Analysis
From a technical analysis perspective, Bitcoin's price is currently moving sideways. The support level at $116,000 indicates strong buying interest, while the resistance level at $123,000 reflects selling pressure. A recent dip to around $114,500 saw buyers stepping in, preventing a deeper fall.
If Bitcoin's price moves above $123,000 with strong trading volume, it could signal a breakout and the beginning of a new rally. Conversely, a drop below $114,000 might lead to a price correction toward $108,000 or lower.
Galaxy Digital's Activity
Galaxy Digital has been actively managing its Bitcoin holdings, transferring 3,782 BTC (valued at $447 million) to exchanges, sparking speculation about potential further liquidation. This follows a previous sale of 80,000 BTC worth $9 billion for a Satoshi-era investor. While the company has not commented, analysts suggest these transactions are part of a broader strategy to manage their Bitcoin portfolio, possibly for estate planning or liquidity purposes.
Market Sentiment
The crypto market sentiment has slightly decreased, moving closer to the neutral zone. The crypto fear and greed index is currently at 63, down from 67, indicating growing caution among investors.
Altcoin Performance
Most altcoins have also experienced losses. Ethereum (ETH) is down by 2.5% to $3,816.49, while XRP dropped by 4.2% to $3.15. Meme tokens like Dogecoin have seen more significant plunges.
Potential Future Movements
Analysts predict that Bitcoin is expected to be more volatile over the next 90 days compared to the next 30 days. Bitcoin's 30-day ATM volatility has dropped to its lowest level in two weeks, currently at 36%, down from a peak of 40%. The anticipation of upcoming economic news from the U.S., including trade deals, tariffs, and interest rate decisions, is expected to influence the market.
