Bitcoin Price Holds Steady – Range-Bound Action Dominates Price Chart

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Bitcoin price is still holding the $117,250 support zone. BTC is consolidating and might attempt to clear the $118,600 resistance zone to gain bullish momentum.

Bitcoin started a downside correction from the $120,000 zone.
The price is trading below $118,500 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $118,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another increase if it clears the $118,600 resistance zone.

Bitcoin Price Stays Above Support

Bitcoin price started a fresh increase above the $118,000 zone. BTC climbed above the $118,500 and $118,800 resistance levels to move into a positive zone.

The bulls were able to push the price above the $119,500 resistance. A high was formed at $119,796 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high.

Bitcoin is now trading below $118,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $118,500 level. There is also a bearish trend line forming with resistance at $118,600 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $119,250 level. The next resistance could be $119,800. A close above the $119,800 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.

Downside Break In BTC?

If Bitcoin fails to rise above the $118,600 resistance zone, it could start another decline. Immediate support is near the $117,250 level or the 50% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The first major support is near the $116,650 level.

The next support is now near the $115,950 zone. Any more losses might send the price toward the $114,500 support in the near term. The main support sits at $113,500, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $117,250, followed by $116,650.

Major Resistance Levels – $118,600 and $119,800.

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Stablecoin Google Searches Hit All-Time High as GENIUS Act Fuels $272B Market Surge

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Global interest in stablecoins has hit unprecedented levels, with Google searches for the term “stablecoins” reaching an all-time high in July 2025.

This spike follows the recent passage of the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act on July 18, signaling a pivotal shift in regulatory clarity and institutional confidence in the sector.

Google Data: Parabolic Growth and Market Dominance

Data from Coingecko shows that the stablecoin market cap now stands at $272 billion, representing roughly 7% of the total cryptocurrency market. U.S. dollar-pegged stablecoins account for about 98% of this total, with Tether maintaining its dominance at 60%. In the meantime, as stablecoin activity increases, the Bitcoin price trends to the upside as seen on the chart below.

Bitwise Asset Management reported record-breaking stablecoin transactions and issuance across 2025, prompting crypto analysts to call the market’s trajectory “parabolic.” Ethereum-based firm SharpLink summed up the sentiment in a viral post: “You can’t spell ‘stablecoins’ without ‘parabolic.'”GENIUS Act Sparks Institutional Adoption

The GENIUS Act, hailed for providing much-needed regulatory structure, has ignited a wave of interest from both retail users and financial institutions.

Companies like Interactive Brokers and Robinhood have launched or explored their own stablecoins, aiming to offer 24/7 funding, faster settlements, and increased user engagement.

Nassar Al Achkar, Chief Strategy Officer at CoinW exchange, explained that stablecoins are emerging as a “hedge against crypto volatility” and a valuable tool for cross-border payments. “Institutions are entering the space not just for innovation, but for safer investor options,” he added.Stablecoins’ Speculation Set to Change to Foundation

The surge in search interest, as measured by Google, and market activity shows a significant transformation in how stablecoins are perceived, from speculative digital assets to foundational elements in global finance.

While challenges remain, particularly around reserve backing and regulatory harmonization, the GENIUS Act appears to have laid the groundwork for a stablecoin-driven financial future.

As adoption continues to rise, according to Google data, stablecoins are increasingly positioned beyond being crypto tools, becoming building blocks of the next generation financial infrastructure.

Cover image from Unsplash, chart from Tradingview

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Ethereum Rally Not Fueled By Bitcoin Dump, On-Chain Signals Show

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Ethereum (ETH) has had an impressive July, surging over 60% from around $2,400 on July 1 to a high of $3,941 by July 27. What’s particularly notable about this rally is that it appears to be driven by fresh capital inflows – not a rotation out of Bitcoin (BTC), as some have suggested.

ETH Rally Driven By Fresh Capital

According to a CryptoQuant Quicktake post by contributor Carmelo Aleman, claims that ETH’s current rally is a result of capital rotation from Bitcoin to Ethereum are unfounded. Aleman references on-chain data – especially the Bitcoin Realized Cap – to explain his analysis.

For the uninitiated, Bitcoin’s Realized Cap measures the total value of all BTC in circulation based on the price at which each coin last moved on-chain, rather than the current market price. It provides a more accurate view of actual capital invested in Bitcoin, helping identify accumulation or distribution trends over time.

Aleman shared the following chart showing that, as of July 25 at 11 AM UTC, Bitcoin reached a new all-time high (ATH) in Realized Cap at $1.018 trillion. This increase strongly suggests that capital remains flowing into Bitcoin – not out of it.

In fact, Bitcoin’s Realized Cap has continued to rise, albeit gradually, even as Ethereum gained bullish momentum. Aleman explains that brief pauses in BTC price action typically align with phases of capital accumulation, which have historically preceded major rallies.

Further, Aleman remarked that ETH is simply benefitting from the strong growth prospects of the Ethereum ecosystem. July witnessed a significant surge in interest in the ETH ecosystem, which reflected in the steep rise in price of the digital asset.

Ethereum Network Seeing Returning Interest

Multiple metrics reinforce the view that new capital is entering the Ethereum ecosystem. For example, data from DefiLlama shows that the Total Value Locked (TVL) in Ethereum’s decentralized finance (DeFi) platforms has risen significantly – from $49 billion on April 29 to $84.6 billion by July 29.

Additional on-chain metrics point to a similar trend. According to etherscan.io, daily transactions on the Ethereum network have been climbing steadily, with nearly 1.48 million transactions recorded on July 27 alone.

There’s also growing speculation that Ethereum’s declining circulating supply is contributing to upward price pressure. Over the past month, ETH reserves on centralized exchanges have dropped by one million coins, supporting the narrative of a developing “supply crunch.”

Adding to that, Ethereum liquid staking recently reached a new record high, with 35.5 million ETH now locked in liquid staking protocols. At press time, ETH trades at $3,772, down 1% in the past 24 hours.