Bitcoin Price Today, July 16: BTC Falls 2.8% To Trade Near $116,500, Experts See Consolidation
Bitcoin's sharp over $6,000 decline is a textbook case of healthy profit-taking after an extended rally that pushed prices past $123,000, says an expert.
Bitcoin, the world's biggest cryptocurrency, on Wednesday declined by 2.83% in the past 24 hours to trade near $116,500, amid significant profit-booking after an extended rally that pushed prices past $123,000. Experts said a stronger-than-expected CPI print in the US also acted as a macroeconomic headwind, dampening risk appetite. They added that bitcoin now appears to be entering a consolidation phase between $110,000 and $125,000 levels.
Bitcoin traded down by 2.83% in the past 24 hours at $116,541.87 with a current market cap of $2.31 trillion, according to binance.com. Its 24-hour trading volume stood at $93.41 billion. Bitcoin saw a circulating supply of 19.89 million.
Avinash Shekhar, co-founder & CEO of Pi42, said, 'Bitcoin's sharp over $6,000 decline is a textbook case of healthy profit-taking after an extended rally that pushed prices past $123,000. With over $1.5 billion in realised profits by large holders — potentially up to $3.5 billion across all investor categories — the market was clearly primed for a pullback."
A stronger-than-expected CPI print also acted as a macroeconomic headwind, dampening risk appetite. Additionally, the surge in FOMO-driven retail activity, reflected in a spike in social dominance above 43%, signaled overheated sentiment, he added.
'Bitcoin now appears to be entering a consolidation phase, with likely support and resistance forming between the $110K and $125K levels," Shekhar said.
According to CoinSwitch Markets Desk, long liquidations in bitcoin exceeded $333 million and Ether also saw roughly $113 million in forced exits.
Ethereum hovered around $3,013, holding steady amid upbeat commentary from EMJ Capital, which reiterated its bullish thesis that ETH could reach $10,000 in this cycle thanks to staking ETF approvals, deflationary protocols, and institutional interest.
Among altcoins, XRP tumbled from $3.02 to $2.78, as institutions de-risked ahead of the ProShares XRP futures ETF launch, though a late-session rebound hinted at re-entry near $2.87. Filecoin slumped about 6% to test support around $2.50 amid increased selling pressure, it added
Meanwhile, in the US, the House advanced the Clarity Act, though procedural hiccups delayed a full vote as the Senate begins its own version, highlighting the 'Crypto Week' legislative push that continues to shape institutional sentiment.
Deutsche Bank in a note also said bitcoin's volatility is historically low amid growing adoption — suggesting crypto is maturing from speculative asset to strategic holding.
According to CoinDCX Research Team, 'bears continue to hold a tight grip over the markets as bitcoin price faces a continued bearish pressure, while bulls hold the $117,000 support range. Besides, the other popular altcoins do not appear to have moved much as they remain stuck around the gained levels."
What Is Crypto Week?
The week ahead is anchored by 'Crypto Week" in Congress, key bills like the Clarity Act, GENIUS Act, and Anti‑CBDC Surveillance Act are moving through the House Rules Committee, with a full vote expected soon.
These bills aim to define crypto regulatory roles, authorise stablecoins, and block a US central bank digital currency, providing clarity that could drive institutional market participation, said CoinSwitch Markets Desk.
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