The $120K Wall Holds Firm

To fit much of the theme this month: more consolidation. We're now 15 days into a range-bound market following the all-time high set in mid-July. There was another push toward $120K overnight, but once again the bears held the line, sending Bitcoin back to the middle of the range.

Bitcoin dropped just over 1%, wiping out the gains made on Sunday. But it was altcoins that really took the hit over the past 24 hours. The broader altcoin market cap fell over 2.5%, with red across the board.

Ethereum saw an intraday high above $3,900, the first time it's traded above that level since last December, but it failed to hold, closing the day in the red and back below $3,800. Other majors also pulled back: Solana, Ripple, and BNB each lost around 3%. Sui was the standout laggard, dropping nearly 10% and underperforming most of the market.

One altcoin bucked the trend: Hyperliquid. Not only did it close in the green while 99% of the market turned red, it remains relatively close to its all-time high. Definitely one to watch if Bitcoin breaks out from the top of the range.

While the bears have successfully defended $120K for now, the broader structure still favors the bulls. A breakout toward new highs remains on the table.

Stormrake Spotlight: Hedera (HBAR) ($0.267)

HBAR fell nearly 7% yesterday, moving in step with the broader market pullback. For bears to gain real control, we’d need to see a lower low below $0.231, a scenario that’s unlikely unless Bitcoin breaks down from its current range. Until then, there's little to be bearish about.

BTC/USD Key Levels and Price Action:

Bitcoin failed once again to break above $120K overnight. Price has been pushed back into the middle of the range, where the structure remains neutral and momentum continues to drift sideways, now more than two weeks in consolidation.

BTC Total ETF Flows for 28 Jul: + 9.7 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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