South Korea&#8217;s startup ministry proposed a new law revision that would allow crypto firms to register as venture companies. This reclassification would grant them tax reductions and other benefits. According to a notice published on July 9, the country&#8217;s Ministry…

South Korea to reclassify crypto firms as startups eligible for tax cuts and other benefits

Bitcoin (BTC) remains within a tight trading range following a recent pullback 
from its all-time high. At the time of writing, the world’s largest 
cryptocurrency is priced at $118,570, reflecting a 0.3% increase over the past 
24 hours. Recent analysis shared on CryptoQuant’s QuickTake platform by market 
contributor ShayanMarkets highlights a noticeable change in Bitcoin’s futures 
market activity. According to the analyst, while previous price surges in the 
$70,000–$90,000 range were marked by significant speculative pressure and 
leverage buildup, the current trend shows signs of cooling despite elevated 
price levels. This shift could play a key role in determining Bitcoin’s 
trajectory in the coming weeks. Related Reading: Analyst Says Bitcoin’s Final 
Leg Is Near – Time To Be ‘Cautiously Optimistic’? Bitcoin Futures Market Shows 
Signs of Normalization ShayanMarkets explained that during past rallies, the 
futures market displayed what he called &#8220;heating and overheating phases,&#8221; 
often visible in red clusters on the volume bubble map. These periods 
typically led to corrections or temporary price consolidations as leveraged 
positions unwound. However, the current data reflects a different setup. 
Despite Bitcoin remaining near record highs, futures market activity has 
transitioned to neutral and cooling phases, shown by grey and green bubbles on 
the chart. The analyst noted that this cooling phase could be a sign of de- 
risking among traders, as speculative activity eases while spot demand 
supports the price. In a statement on QuickTake, ShayanMarkets said: This 
reset in leverage, despite BTC staying above $100K, signals healthier market 
conditions as demand shifts toward organic buying rather than high-risk 
speculative bets. The analyst added that if the reduced speculative pressure 
continues, it could provide the foundation for another significant price 
increase, potentially setting Bitcoin up to break past its previous all-time 
high above $123K. Long-Term Whales Take Profits Amid Price Stability 
Meanwhile, another analysis from CryptoQuant contributor CoinCare revealed 
selling activity from long-term Bitcoin holders, often referred to as 
&#8220;whales,&#8221; who have maintained their positions for over a decade. According to 
CoinCare, some of these holders, including those who first accumulated Bitcoin 
around 2013, have started to liquidate a portion of their holdings. This 
selling activity aligns with the historical timeline of Bitcoin’s sharp rise 
from under $100 to roughly $1,000 during that period, representing a potential 
117,900% return for early adopters. Such profit-taking from early investors is 
not unusual during periods of elevated prices and does not necessarily 
indicate a shift in long-term market sentiment. Related Reading: Bitcoin 
Rejected At $120,000: Binance Whale Inflows Suggest Possible Drop To $110,000 
Historically, whale activity has influenced short-term volatility but has also 
contributed to market redistribution, allowing newer participants to enter the 
market. Featured image created with DALL-E, Chart from TradingView

Bitcoin’s Next Big Move? Cooling Futures Market Hints at Possible Breakout

Bitcoin price is still above the $117,500 support zone. BTC is rising and 
might attempt to clear the $118,600 resistance zone to gain bullish momentum. 
Bitcoin started a decent upward move from the $116,000 zone. The price is 
trading near $118,500 and the 100 hourly Simple moving average. There is a 
bearish trend line forming with resistance at $118,620 on the hourly chart of 
the BTC/USD pair (data feed from Kraken). The pair might start another 
increase if it clears the $118,620 resistance zone. Bitcoin Price Eyes Upside 
Break Bitcoin price started a downside correction from the $119,796 high. BTC 
declined below the $119,000 and $118,500 support levels to enter a short-term 
bearish zone. The bears pushed the price below the 50% Fib retracement level 
of the upward move from the $114,733 swing low to the $119,796 high. The 
decline gained pace and the price even spiked toward the $116,000 support zone 
where the bulls appeared. They protected the 76.4% Fib retracement level of 
the upward move from the $114,733 swing low to the $119,796 high. The price is 
again rising above $118,000. Bitcoin is now trading near $118,500 and the 100 
hourly Simple moving average. Immediate resistance on the upside is near the 
$118,620 level. There is also a bearish trend line forming with resistance at 
$118,620 on the hourly chart of the BTC/USD pair. The first key resistance is 
near the $119,200 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. Another Decline In BTC? If Bitcoin fails to rise above the $118,620 
resistance zone, it could start another decline. Immediate support is near the 
$117,500 level. The first major support is near the $116,250 level. The next 
support is now near the $116,000 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 gaining pace in the bullish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $117,500, followed by $116,250. Major Resistance Levels 
– $118,620 and $119,800.

Bitcoin Price Sets Sights on a New Climb – Momentum Building Again

PENGU’s rally has reversed with a 17% weekly loss, as on-chain data points to 
one insider-linked wallet offloading over $17 million worth of tokens to 
exchanges since July. The Pudgy Penguins (PENGU) token has declined sharply in 
recent days, falling…

PENGU continues to plunge as insider wallet moves another $5.6M to exchanges

A new Ripple report reveals global banks are rapidly shifting to blockchain, 
forecasting a $19 trillion tokenized asset explosion as finance braces for its 
digital future. $19T in Tokenized Assets Coming? Ripple Says Financial Rails 
Are Already Shifting Ripple, CB Insights, and the UK Centre for Blockchain 
Technologies released a report on July 30 examining […]

Ripple: Tokenized Assets to Approach $19T by 2033—90% of Finance Leaders See Massive Blockchain Impact

Following another rejection at the $120,000 level, Bitcoin (BTC) is beginning 
to show signs of cooling off &#8211; potentially setting the stage for another rally 
in the second half of the year. Some analysts now predict that BTC’s next top 
could approach $150,000. Bitcoin’s Current Overheating Phase Short-Lived 
According to a CryptoQuant Quicktake post by contributor Crypto Dan, Bitcoin 
is currently entering a cooling-off period after a short-term overheating 
phase. The warning signs are most evident in the cohort of BTC held for one 
day to one week. Related Reading: Bitcoin Flow Pulse Breaks From 2017, 2021 
Patterns – What It Means For The Rally Crypto Dan shared the following chart 
showing that this short-term holding cohort is now recording successively 
lower spikes, suggesting that overheated market conditions are easing. The 
analyst compared the current environment to previous overheating phases seen 
between March-October 2024 and January-April 2025. In both instances, the 
overheating lasted longer and was more intense (shown in red boxes). In 
contrast, the current overheating conditions (shown in yellow box) show 
shorter extent and duration compared to the aforementioned two instances. The 
analyst added: Also, since the recent price increase was relatively modest, we 
may see a milder and shorter correction in the short term. However, it&#8217;s 
important to remain patient and look forward to a potential uptrend in the 
second half of 2025. The increase in BTC’s price during the latest rally saw 
the digital asset surge from around $108,000 on July 1 to a new all-time high 
(ATH) of $123,128 on July 13, before stabilizing around the $117,500 mark at 
the time of writing. Is BTC Preparing For Its Next Big Move? As Bitcoin 
consolidates, several analysts suggest the top cryptocurrency may be gearing 
up for a major move &#8211; likely to the upside. Veteran crypto analyst Titan of 
Crypto noted that Bitcoin is currently “in a pressure cooker.” Related 
Reading: Bitcoin Must Defend This Key Support For $180,000 Year-End Target, 
Analyst Says Titan of Crypto shared the following chart, highlighting that 
Bollinger Bands are tightening while volatility is shrinking. At the same 
time, the Relative Strength Index (RSI) is compressing &#8211; often a precursor to 
a breakout. Fellow analyst Ali Martinez added that BTC’s next top could reach 
$149,679, based on the Cumulative Value Days Destroyed (CVD) metric. For 
context, the CVD metric measures whether buyers or sellers are dominating 
trading volume over time. That said, some warning signs linger. Recently, 
Bitcoin exchange reserves reached a one-month high, suggesting that some 
holders may be preparing to sell &#8211; potentially putting pressure on the current 
bullish trend. At press time, BTC trades at $117,546, down 0.4% in the past 24 
hours. Featured image from Unsplash, charts from CryptoQuant, X, and 
TradingView.com