Bitcoin traders target lower as BTC slips below $118,000

Important points

• Bitcoin bulls could be in trouble if they fail to claim $120,00.

• The whales are dumping at the local highest prices, which is creating additional obstacles to price increases.

• As local interest lines, short-term holder costs bases are of particular concern.

BitcoinBTCThe Wall Street opening on Tuesday was a mixed market, with traders divided over the strength of the markets.

Bitcoin prices fall below $110,000 target

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD returned below $117.500 now, under its daily Open.

They had a pair of shaved heads. managed to reach $119,000 Galaxy Digital, the asset manager of Galaxy Digital’s BTC assets had not reported any new BTC sales earlier that day.

US sellers followed suit, and many traders commented on the current setup of the market. They warned that any downward movement could be explosive.

$BTC We are thinking about starting the C-wave here at $111,000 https://t.co/2NoeP8dKCh pic.twitter.com/Mef2wsKqFD

— BigMike7335 (@Michael_EWpro) July 29, 2025

“We’ve got bear divs, everyone expects up, would make more sense to push down before a potential move higher,” Roman, the popular trader wrote an excerpt from his book. latest analysis X has previously given a target for the downside of $108,000.

Materials Indicators, which monitor trading resources, also warned of the possibility for new lows. Whales were being distributed.

“If $116,750 doesn’t hold, the $110k range may come into focus quickly,” You can also find out more about us here. told X Followers Monday

“Looks to be a clean triple tap developing on $BTC here,” Trade Credible Crypto addedThe area of $15,700 is the key.

Still Profitable Offers “very positive signs”

Jobs openings in the US on Tuesday helped boost risk assets, including crypto.

Related: ‘Biggest trade deal ever’ — 5 things to know in Bitcoin this week

One of the “QuicktakeCryptoQuant, a platform for analytics, also highlighted the improving data on consumer confidence in its blog posts as an additional reason for optimism.

“Today’s JOLTS data, coming in slightly below expectations, provided a ‘not too hot, not too cold’ signal for the markets. This creates a positive environment for risk assets,” This is a summary. 

“Additionally, the better than expected Consumer Confidence data signals a reversal after a 6 month decline, showing growing investor optimism about the future.”

CryptoQuant said that the BTC price would continue to rise in future thanks to lack of pressure from sellers.

“Even as the price approaches the $120,000 level, we are not seeing a massive profit realization event on the Net Realized Profit and Loss (NRPL) chart that could signal a top,” Continue reading 

“This is a very positive sign. It means investors are not rushing to take profits, showing strong conviction that the move will continue.”

CryptoQuant claimed that, in the case of a downturn, the cost-basis of the various cohorts (STHs), should act as a backup.

“Solid Supports (Realized Price): In potential pullbacks, the cost bases of short-term investors at the ~$115.7K and ~$105K levels are ready to act as strong, tested support zones,” The conclusion was reached.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.