Bitcoin Price Today Nears $116,750 Support as Market Shows Signs of Weakness

August 1, 2025 | The Daily Sphere — Bitcoin (BTC) is facing downward pressure, currently hovering near a significant support level around $116,750, as investors monitor whether the cryptocurrency can sustain its bullish structure or slip into a deeper correction.

After a steady climb over the past few weeks, Bitcoin’s price has entered a consolidation phase, shedding over 3% in the last 24 hours. If this support zone fails, analysts are warning of a possible drop toward the $107,000–$110,000 range in the near term.

Key Technical Levels Suggest Market Tension

Technical indicators show that Bitcoin’s current trading pattern is narrowing, with decreased volume and an increase in seller activity near resistance zones.

Market analyst Evan Rhodes noted:

“The $116,750 level is acting as a make-or-break point. If Bitcoin closes below this on the daily chart with strong volume, it opens the door for a move down to the $110,000 range.”

According to on-chain data, a notable concentration of buy orders exists near $110K, suggesting this level could act as a secondary support.

Fear Growing Among Short-Term Investors

While long-term holders appear relatively calm, short-term traders are showing signs of caution. Data from crypto analytics platforms reveals a surge in stablecoin inflows to exchanges — often a sign that traders are preparing to exit positions or hedge against further volatility.

Recent trends also show a rise in liquidation events among leveraged positions, which has contributed to added pressure on Bitcoin and other leading assets in the crypto market.

Are Bears Taking Over?

Some analysts believe that the current market conditions could be signaling the end of the recent bull phase. Although there has been no major breakdown yet, multiple bearish signals are emerging.

In a recent note, independent strategist Laura Simmons said:

“Momentum indicators are cooling off, and BTC’s failure to reclaim higher highs shows weakness. If bulls don’t step in around $116K, the price could retest $107K, or even lower.”

Simmons also pointed out that Bitcoin’s Relative Strength Index (RSI) has slipped below the neutral 50 level on the daily chart — often an early sign of bearish sentiment.

Broader Market Trends: Ethereum and Ripple Also Drop

Bitcoin’s correction is pulling down the broader crypto market. Ethereum (ETH) has declined to around $3,620, while Ripple (XRP) is trading close to $2.88. Both assets are facing key support levels, with analysts forecasting potential further downside if Bitcoin continues to weaken.

What’s Causing the Selloff?

Several factors are weighing on the current crypto market:

• Slowing Institutional Inflows: Bitcoin ETFs saw a noticeable decline in inflows this past week, reflecting reduced institutional interest during market uncertainty.
• Macroeconomic Pressure: With inflation data due this month and central bank policy updates expected, risk-on assets like cryptocurrencies are experiencing reduced demand.
• On-Chain Activity Decline: Network transaction volumes and user activity on the Bitcoin blockchain have dropped, further confirming weakening momentum.

Analyst Outlook: What’s Next for BTC?

The crypto community remains divided. While some anticipate a rebound from current levels, others believe the market may still have room to fall before stabilizing.

Here are two potential near-term scenarios:

Bullish Scenario:

If Bitcoin holds above $116,750 and rebounds with increased buying volume, the price may retest resistance at $121,000 and potentially aim for $125,000 later this month.

Bearish Scenario:

A breakdown below $116K could trigger a deeper sell-off toward $110,000. If panic selling increases, a short-term dip to around $107,000 remains possible before finding solid support

Real-Time Price Update

• Bitcoin (BTC/USD): $117,080
• 24-Hour Change: –3.1%
• 7-Day High/Low: $122,400 / $116,100
• Market Cap: $2.2 trillion (approx.)
  (Data as of 2:00 PM EST, August 1, 2025)

Final Thoughts: Should You Be Concerned?

Bitcoin’s short-term weakness is part of a broader cooling period in the crypto market. Long-term investors may see this as a natural correction, while active traders should monitor support levels closely and manage risk.

Analysts continue to emphasize caution, especially for new entrants using leverage or relying on short-term gains.

As always, financial experts recommend doing your own research and consulting professional advice before making investment decisions in the volatile crypto space.

For the latest cryptocurrency news, BTC technical analysis, and expert forecasts, visit The Daily Sphere — your trusted voice for global financial updates.