July 23, 2025 – Bitcoin’s effort to reclaim the $120,000 mark has hit another roadblock, with the flagship cryptocurrency tumbling nearly $4,000 before regaining some stability. Meanwhile, most altcoins are seeing red, except for Pi Network’s PI token, which has emerged as a rare gainer amid the market pullback.
Bitcoin Falls Short of $120K Again
Bitcoin has struggled to regain momentum since hitting its all-time high above $123,000 last week. The asset has since entered a consolidation phase, hovering near $118,000 for several days. Multiple attempts to break through the $120K resistance have been met with selling pressure, sending prices back down.
This pattern repeated on Monday as BTC surged toward $120,000 once again—only to be pushed back to just above $116,000. As of press time, Bitcoin has rebounded slightly and is trading around $118,000. Its market capitalization now sits near $2.35 trillion, while Bitcoin’s dominance over the broader crypto market has cooled to just above 59%, according to CoinGecko.
Altcoins Tumble After Monday’s Rally
While Monday saw a broad-based altcoin surge, the trend reversed sharply on Tuesday. Ethereum (ETH) climbed to a multi-month high of around $3,800, but has since dropped 4.5%, now trading under $3,700. XRP approached a new all-time high but has slipped back to $3.45.
Popular altcoins like ADA, DOGE, TRX, SUI, and AVAX have also suffered losses, with several dropping between 3% to 6% in the last 24 hours.
Among the hardest hit are HYPE, XLM, HBAR, LINK, LTC, and AAVE, which posted some of the steepest declines of the day. Solana (SOL) bucked the trend slightly, hitting the $200 mark earlier before dipping.
PI Token Defies the Trend
In a largely bearish market, Pi Network’s native token, PI, has emerged as one of the few winners. The token surged over 6% to reach $0.477, outperforming nearly every other major asset. Kaspa (KAS) also remained in the green during the session.
The resilience of PI during this correction has caught the attention of traders, especially as many high-flying altcoins from Monday’s rally have seen sharp reversals.
Market Outlook
The total crypto market cap decline that occurred during the past 24 hours was around $60 billion, dropping very near to the $4 trillion mark. Although Bitcoin is relatively stable at the US$118,000 price level, the refutation at US$120,000 remains one of the key resistance walls.
As the volatility and mixed results across the board have increased, traders are now looking to see whether Bitcoin can have a successful breakout- or the alternative currencies such as PI and KAS would keep standing out in this corrective period.
