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Bitcoin price prediction: BTC dips below $118k as $120k resistance level holds

Key takeaways

  • BTC dips below $118k as altcoins record huge losses.
  • The leading cryptocurrency could drop below the $116k support level if bearish sentiment grows stronger.

Bitcoin stagnates around $117k as altcoins bleed

The cryptocurrency market has been bearish over the last 24 hours after enjoying a bullish trend over the last couple of days. Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% in the last 24 hours and now trades around $117k.

However, altcoins recorded heavy losses as they undergo a correction. XRP is down 11% and risks dropping below $3.0 while Ether could drop below $3,500 after losing 3% of its value.

Solana, BNB, TRX, ADA, and Dogecoin are all trading in the red. The bearish performance saw the total crypto market cap decline by 2.6% to now stand at $3.85 trillion. This comes a few days after the total crypto market cap hit a record high of $4 trillion.

BTC risks dropping below $116k if selling pressure increases

The BTC/USD 4-hour chart is bullish and efficient, suggesting that the bulls are still in control despite signs of weakness. The technical indicators remain bullish but have slowed down over the past few days.

The pair is currently consolidating and could either expand to the upside to a new all-time high or face a correction downward. BTC could likely retest the $116k support and TLQ level over the next few hours. The TLQ level could serve as a liquidity to push BTC’s price higher. However, failure to defend this level could see BTC drop lower.

BTC/USD 4H Chart

The MACD lines are in the neutral zone, suggesting that the market is consolidating. The RSI of 51 also shows that buyers are losing control of the market.

If the bulls fail to defend the $116k support level, BTC could experience a sharp decline towards the next support at $112k. However, if the TLQ at $116k serves as a springboard, it would push BTC above the $120k resistance and towards a new all-time high.

The post Bitcoin price prediction: BTC dips below $118k as $120k resistance level holds appeared first on CoinJournal.

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PUMP holders sell at a loss as Pump.fun founder confirms airdrop won’t happen soon

  • Two wallets dumped 1.25B PUMP coins within 2 hours, incurring $1.19M loss.
  • The move came after Pump.fun founder confirmed delays in the much-awaited airdrop.
  • The alt exhibits bearishness amidst community restlessness, down 4% in the past day.

Pump.fun’s meme token has failed to keep pace due to massive dumps from key investors.

PUMP has plummeted from its private sale price of $0.004 to $0.002202 amid overwhelming selling pressure since the July 12 public sale event.

The meme token’s sell-off continued today.

Lookonchain data shows two whale wallets, linked to early investors, dumped 1.25 billion PUMP coins within two hours.

The combined sale was worth approximately $3.81 billion and led to losses of over $1.19 million.

The participants offloaded at $0.00305 per token.

The continued sell-offs have stirred concerns among PUMP holders.

While enormous token sales from early investors are usual in the digital assets space, the timing and scale of Pump.fun’s sale, combined with disappointing updates about the much-awaited airdrop, magnified the bearish momentum.

Pump.fun founder confirms no immediate airdrop

While analysts speculated that delayed airdrop prompted the considerable token dumps, Pump.fun’s founder has cemented this fact.

The meme generator’s founder, Alon Cohen, addressed the airdrop concerns during an interview with Michael ThreadGuy Jerome on Wednesday.

Alon confirmed that the project will hold an airdrop.

However, he emphasized that the giveaway event will have to wait, as the current priority remains ecosystem development and long-term growth.

Alon clarified that Pump.fun targets a well-executed and meaningful giveaway that rewards the community instead of rushing to meet hype-fueled deadlines.

He said:

We want to make sure that it is a meaningful airdrop and it is executed well. We’re actually focusing on bringing back a lot of that attention and hype to our ecosystem. That being said, the airdrop is not going to be taking place in the immediate future.

Alon added that they will communicate any details and timelines when it’s appropriate.

While the explanation may have made sense to some, others view it as a delay that signals internal uncertainty or fading momentum.

Private investors exit Pump.fun

Despite official confirmation, on-chain experts have identified addresses dumping PUMP as those that purchased during the early public sale period.

The most alarming thing is the participants are opting to exit at a loss.

That could only indicate two things: a lack of trust in PUMP’s short-term performance or strategic exits before a liquidity crunch.

PUMP price action

Pump.fun’s native token has lost nearly 4% in the past 24 hours to trade at $0.02202.

Technical indicators demonstrate downward pressure.

PUMP trades below the vital 50- and 100-Exponential Moving Averages on the 1D chart, confirming dominant sellers.

the 1D RSI at 55 suggests room for more PUMP dips before oversold situations emerge.

Also, 3HMACD displays a weakening momentum, failing to decisively surpass the signal line since the July 18 bearish crossover.

With technicals and fundamentals screaming bearish, Pump.fun’s native token remains poised for extended declines before securing a reliable footing.

The post PUMP holders sell at a loss as Pump.fun founder confirms airdrop won’t happen soon appeared first on CoinJournal.