Bitcoin’s Great Slump: Whales Feast, Traders Weep, and Bulls Dream of $120K 🎢

by

Key points:

  • With $120,000 lost in the fog, the dreams of bullish souls collapse like overbaked pirozhki.

  • The great whales, gluttonous and sly, shake their fins and dump their coins at every fleeting high—each drop a sardonic wink. 🐋

  • Short-term holders cling to their cost bases, praying these lines in the sand don’t get washed away by the tide.

Bitcoin (BTC), that shimmering mirage of digital wealth, shrugged off its ambitions of conquering $120,000 as Tuesday dawned over Wall Street. Traders, those nervy creatures, paced their cages—uncertain, divided, gnawed by hope and dread in equal measure.

Bitcoin price weakness sparks sub-$110,000 targets

Out of the CryptoMoon fog, markets delivered judgment: BTC/USD slumped below $117,500, back to the melancholy embrace of its daily open. Hours earlier, it dared to gaze at $119,000—right before Galaxy Digital tossed coins to the wind like seeds of doubt.

The Americans, never ones to miss a good fire sale, joined the dance. Traders issued dire warnings with all the cheer of a Dostoevsky protagonist—“Any slide from here, comrades, and it won’t be a trickle. It’ll be a deluge.”

$BTC thinking we about to start the C wave here to $111,000

— BigMike7335 (@Michael_EWpro) July 29, 2025

“We see bearish divs. Everyone expects up—so, naturally, down we go,” chortles Roman, a trader for whom optimism is an exotic affliction. His musings, delivered on X, suggest a rendezvous with $108,000—because the descent, apparently, has not yet touched bottom.

Material Indicators, those stoic oracles, peer into the abyss and nod wisely: new lows are brewing. “The whales” (always the whales!) are distributing.

“If $116,750 crumbles, comrades, brace for the $110k abyss,” they muttered on X, as if predicting rain in St. Petersburg.

“A clean triple tap is brewing,” adds trader Credible Crypto, his optimism clenched tightly around $15,700, like a miner hugging his last crust of bread.

Profit-taking still offers “very positive signs” 😏

Yet, like a sunbeam through a prison window, Tuesday’s US job numbers offered a flicker of hope to these jaded bulls. CryptoQuant, the ever-cheerful chronicler, declared: “The JOLTS report wasn’t too hot or too cold. Markets love porridge at the right temperature.”

Bloggers and bloggers’ mothers rejoiced: even consumer confidence, it seems, found its lost boots and turned upward after six dreary months. Maybe—just maybe—risk isn’t a swearword in polite company anymore.

“Additionally, the better than expected Consumer Confidence data signals a reversal after a 6 month decline, showing growing investor optimism about the future.”

For now, sell-side pressure lounges lazily on the sidelines, not bothering to chase down price gains. No great stampede for profits, no gluttonous rush for the exits. If “conviction” were edible, traders would be feasting.

“Even as the price approaches $120,000, investors are sitting on their hands,” CryptoQuant notes. “No fireworks to mark the top just yet.” The air remains pregnant with hope—and anxiety.

“This is a very positive sign. It means investors are not rushing to take profits, showing strong conviction that the move will continue.”

According to the soothsayers, the cost of survival rests in the hands of short-term holders. Their cost bases—trench lines at ~$115.7K and ~$105K—stand ready, daring fate to trespass. 

“Solid supports!” they bawl, waving their charts. “These are not just numbers. These are bulwarks, tested and true, against the storm!”

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2025-07-29 18:57