- Bitcoin has fallen 2.5% in 24 hours to US$115,551 after peaking at an all-time high of US$123,091 on 14 July, now trading in a downward trend.
- Analysts at 10x Research warn Bitcoin could drop to US$106k despite billions in corporate treasury inflows having surprisingly little price impact.
- With Bitcoin’s momentum stalling, altcoins like Ethereum are catching up, having rallied 170% from recent lows as Bitcoin dominance declines.
- Market recovery also depends on US economic factors, including Trump’s tariff announcements and Fed interest rate decisions affecting investor sentiment.
After striking a new all-time high (ATH) of US$123,091 (AU$191,196) on 14 July, Bitcoin (BTC) had been trading within a narrow band, but recently experienced a slight downtrend. Over the past 24 hours the number one crypto has dropped 2.5%, falling from US$118,764 (AU$184,508) yesterday to just US$115,551 (AU$179,517) at the time of writing.
While most would be hoping to see a new high soon, not everyone is convinced. Analysts at 10X Research believe that BTC could be losing steam and may drop to potentially as low as the US$106k (AU$164k) mark.
Markus Thielen, the co-founder and lead analyst at 10x Research, said that “Time is running short, and despite billions in capital inflows from corporate treasuries, the actual price impact has been surprisingly muted.”
Related: 99% of CFOs at Billion-Dollar Firms Eye Crypto for Long-Term Business Use, Deloitte Finds
Further Price Slips on the Horizon?
So while corporates still buy BTC, it has little impact on price, which could lead to the price potentially slipping further.
This raises the possibility that even with continued support, the market may fall short of delivering the kind of upside many are hoping for.
With Bitcoin’s pause, some analysts see room for potential for altcoins to catch up. CryptoQuant analysts pointed out that Ethereum (ETH) for example, has rallied 170% from a recent low, but is still a fair bit away from its ATH.
2025 Altseason?
Altcoins are heating up after Bitcoin’s breakout to ~$120K.
For example, Ethereum is up +170% from the recent lows and just ~23% from its ATH at $4,871.
Here are 6 key charts showing this market shift
pic.twitter.com/8fUZELmhMy
— CryptoQuant.com (@cryptoquant_com) July 31, 2025
Ether’s run had started with an increasing Ethereum treasury trend – with several companies adding ETH to their reserves.
Other altcoins have also rallied, while Bitcoin dominance has declined, as CryptoQuant’s chart below shows.
Tariffs, US Fed on Investors’ Minds
Whether we see markets recover, also depends on what happens in the world’s largest economy, the US. Trump continues to ask for interest rate cuts – which would no doubt benefit crypto – but it’s unlikely that the US Fed gives in.
Meanwhile, Trump’s tariff saga continues on. Analysts at The Kobeissi Letter wrote that the US president just announced a new set of sweeping tariffs against several countries, which will likely impact markets.
Canada just randomly saw their tariff rate rise from 25% to 35%. Meanwhile, countries who have reached “trade deals” with the US are still facing tariffs. It seems markets are confused about what is happening.
The Kobeissi Letter Related: On The Radar – What to Watch This Week in Crypto
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