The price of Bitcoin (BTC) fell to $117,500 on Friday as traders booked profits following a week of strong gains driven by positive sentiment around U.S. crypto legislation and potential access to digital assets in retirement accounts. This marks a slight drop from earlier highs above $120,000, but analysts suggest the broader trend remains intact.
Bitcoin is still up significantly from early July levels, and analysts do not see signs of speculative overheating typically seen near market tops.
Other major cryptocurrencies also retreated. Ether (ETH) pulled back to $3,550 after touching near its 2025 high around $3,700, while XRP briefly hit a new all-time high of $3.60 before slipping to $3.40.
Market Sentiment and Macro Data Support Ongoing Bullish Bias
Despite the dip, the market outlook remains positive. A report from leading analysts notes that on-chain activity, derivatives market positioning, and macro conditions continue to favor further upside for Bitcoin in the coming months.
“We expect pullbacks, but we’re not seeing excessive risk-taking or leverage that typically signals a market top,” the report noted.
Consumer Sentiment Still Fragile, but Inflation Trends Improve
In broader economic news, the University of Michigan’s July survey showed that consumer sentiment remains 16% below December 2024 levels, signaling ongoing caution among U.S. households. Still, inflation expectations are cooling, with one-year inflation seen at 4.4%, down from 5% in June.
This macro backdrop, coupled with growing institutional interest in digital assets, is contributing to long-term crypto market strength, analysts say.
GENIUS Act Signing Adds Fuel to Long-Term Crypto Adoption
President Trump is expected to sign the GENIUS Act, a stablecoin-focused bill, into law soon. This legislation would be the first major federal crypto regulation in the U.S., and could further legitimize digital assets for both retail and institutional investors.
The signing of this act is seen as a turning point for regulatory clarity, which has been one of the biggest hurdles for widespread adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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