Bitcoin Price Dips Below Key Level

The cryptocurrency market witnessed notable movements as Bitcoin‘s value slipped below $117,000, causing a new daily low. Ethereum maintained its steadiness at $3,700, while market analysts shared insights on potential developments. This report sheds light on various predictions by cryptocurrency specialists concerning future market dynamics and what traders might look forward to.

Where Is Bitcoin Heading?

Currently, as new tariffs introduced by the Trump administration loom and the month of July draws to a close, Bitcoin is lingering at around $116,700. DaanCrypto emphasized crucial levels, indicating strong resistance above $118,000.

“BTC was retested near the bottom of its range post-FOMC, reaching a slightly higher low. There is ample liquidity above in the form of stop and liquidity levels. The price remains within its range, with clear short-term liquidity points. Once one of the dotted lines is breached, others may follow. As of now, there appears to be strong supply above $118,000, though it may take time for this to impact the market significantly,” explained DaanCrypto.

CryptoBullet has pointed out impending volatility. The narrowing Bollinger Bands since August 2023, even thinner than those in February 2025, suggest a potential breakout, hinting that Bitcoin might either rise to $130,000 or decline further.

What’s Next for Dogecoin?

Dogecoin, holding a price of $0.21, remains one of the altcoins most likely to be discarded during uncertain times. Despite possessing a massive market capitalization, it often experiences rapid sell-off during bearish periods, counteracting its swift rises in bullish markets.

Analyst Martinez suggests that a potential wedge pattern in Dogecoin’s chart could point towards a price level of $0.265, signifying possible upward momentum amid general market volatility.

Conclusive insights from the article indicate:

• Bitcoin is facing strong resistance above $118,000, with possible market impact delayed.
• Narrowing Bollinger Bands hint at upcoming volatility in Bitcoin’s price.
• Dogecoin shows potential upward trend, yet remains volatile.

As the cryptocurrency realm stands on the brink of a potential breakout, market observers are keenly watching if Bitcoin will surge, stabilize, or face further declines. Traders are advised to monitor key levels and volatility indicators for strategic positioning.