Key Points
- BTC price is struggling below $115K, with short-term predictions showing signs of $109K – $95K being the next support.
- Meanwhile, institutional players like Galaxy Digital and Cango are accumulating BTC.
- Political tailwinds like Trump’s expected crypto protection order could improve sentiment and push prices upward.
Bitcoin is again back in the headlines, as traders continue digesting fresh volatility. This week’s Bitcoin news shows the market experiencing technical uncertainty and institutional moves. This is all while political developments continue to push and pull the market.
The world’s most popular cryptocurrency is stuck below resistance at $115K. Analysts now warn that the BTC could reach $109K before any meaningful rally begins.
Bitcoin News: BTC Price Under Pressure
The latest Bitcoin news shows that Bitcoin’s strength is fading, mainly as it trades near $113,000. TradingView data shows that cryptocurrency is struggling to regain its standing after dropping from recent highs.
Market watchers note that the cryptocurrency’s price is currently pinned between major liquidity zones. More importantly, it has limited bid support above $110,000. For example, analysts from Material Indicators posted that “BTC (could be) going lower before it goes higher”.
In essence, the $109,000 support could be next. Glassnode confirmed this in another post by pointing to the cost basis of recent buyers clustered around $109K–$116K. BTC, in summary, looks likely to hit this floor before recalibrating.
What Do The Charts Say?
On the 4-hour chart, BTC is also struggling with dynamic resistance from both the 50-EMA. Also, a descending trendline was recorded at around $115,440. The charts now show a series of spinning tops that indicate a struggle between the bulls and bears.
Trader and analyst Ali Martinez recently pointed out something interesting about Bitcoin’s RSI on an X post. According to the analyst, the weekly RSI is threatening to drop below the 14-day SMA. This is aside from the ongoing struggle between the bulls and the bears.
Ali says that the last two times this happened, Bitcoin news showed that it crashed by around 20% to 30%. In essence, if history repeats itself, Bitcoin could be headed for much lower than $109,000. It could be eyeing $95,000.
Bitcoin News of Institutions Quietly Accumulate More BTC
Despite the short-term uncertainty, institutional activity is showing a different story. For example, Galaxy Digital, led by CEO Mike Novogratz, reported a Q2 turnaround with a $30.7 million profit.
Interestingly, most of this was fueled by strategic BTC accumulation. In Q2 alone, Galaxy added 4,272 BTC to its holdings. This brought its total stash to 17,102 BTC (which is worth nearly $1.95 billion).
That is a massive jump from just 13,704 BTC in the previous quarter. This level of accumulation is doing much to reduce circulating supply. It could serve as a long-term price tailwind.
While this is happening, Cango, which was once known for auto loans, mined a staggering 650 BTC in July. It is up 44% from June. This surge comes after a major investment of $256 million in Bitmain mining rigs.
This pushed its hashrate to 32 EH/s. Cango now holds 4,529 BTC, worth over $512 million. It is among the top 20 publicly listed Bitcoin holders worldwide.
Trump’s Executive Order Could Boost Crypto Sentiment
On the political end of the fence, US President Donald Trump is expected to sign an executive order. It is aimed at protecting crypto firms from banking discrimination soon.
The order will reportedly target Operation Chokepoint 2.0. It has cut off banking access to crypto companies for years. The executive order will instruct federal agencies to investigate any unfair treatment of crypto companies.
It’s still unclear how enforceable this order will be. However, the move could be a major source of liquidity and confidence in the sector.
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