Bitcoin is moving sideways in a tight consolidation range between $117,000–$120,000 . Institutional players are accumulating positions here based on recent on-chain whale inflows, positive funding, and OI increase.
Key points with real chart zones:
The big drop down was likely a "fake out": Price wicked down to ~$115,000, triggering stop losses below this support, letting smart money buy cheaper.
Strong bounce back:
After the sweep, price quickly reclaimed the range, returning above ~$117,300–$118,000 , indicating strong buyer presence.
Bullish triangle is still valid:
Structure holds as long as price trades inside/bounces between $117,000 (lower zone/fake-out base) and $120,000 (upper resistance/consolidation top). Watch for volume spikes around $118,000–$120,000 as signs of institutional accumulation or breakout intent.
If price breaks above the range:
If we see a proper H1/H4 close above $120,000, expect a strong move to the next resistance: $123,000–$124,000 zone.
If price breaks down and holds below:
Sustained price action below $117,000, especially after another fake-out, could lead to a drop toward previous demand/stop zones at $115,000, and if that fails, further down to $110,000–$113,000.
Bottom line:
BTC sits in a “make-or-break” zone between $117,000–$120,000. Break out above $120k opens the path to $124k+. Loss of $117k/115k support risks further downside. Order flow and on-chain favor bulls for now, but always use stops – low volatility ranges can quickly resolve with liquidity grabs.
Tip:
Don’t chase every breakout or drop. Watch closely how price reacts near $120,000 (upside) and $117,000/$115,000 (downside). It is crucial to follow macroeconomic news, especially FED updates – trade safely and always do your own research!
This is not financial advice!
Key points with real chart zones:
The big drop down was likely a "fake out": Price wicked down to ~$115,000, triggering stop losses below this support, letting smart money buy cheaper.
Strong bounce back:
After the sweep, price quickly reclaimed the range, returning above ~$117,300–$118,000 , indicating strong buyer presence.
Bullish triangle is still valid:
Structure holds as long as price trades inside/bounces between $117,000 (lower zone/fake-out base) and $120,000 (upper resistance/consolidation top). Watch for volume spikes around $118,000–$120,000 as signs of institutional accumulation or breakout intent.
If price breaks above the range:
If we see a proper H1/H4 close above $120,000, expect a strong move to the next resistance: $123,000–$124,000 zone.
If price breaks down and holds below:
Sustained price action below $117,000, especially after another fake-out, could lead to a drop toward previous demand/stop zones at $115,000, and if that fails, further down to $110,000–$113,000.
Bottom line:
BTC sits in a “make-or-break” zone between $117,000–$120,000. Break out above $120k opens the path to $124k+. Loss of $117k/115k support risks further downside. Order flow and on-chain favor bulls for now, but always use stops – low volatility ranges can quickly resolve with liquidity grabs.
Tip:
Don’t chase every breakout or drop. Watch closely how price reacts near $120,000 (upside) and $117,000/$115,000 (downside). It is crucial to follow macroeconomic news, especially FED updates – trade safely and always do your own research!
This is not financial advice!
Note
Current Status: Bitcoin sitting at $117,959 and testing $118,000 resistance. Price bounced from $116,260 and broke above that bearish trendline - bulls fighting back.
Whale Action:
Massive accumulation happening. Whales vacuumed up 248,000 BTC in July - worth around $30 billion. That's biggest buying spree since 2024 halving. These "permanent holders" aren't selling - they're stacking hard.
Triangle Still Valid:
Price holding between $117,000-$120,000 range. Bitcoin about 75% through the triangle pattern, which means breakout coming soon. Usually breaks before reaching the end.
Key Levels Updated:
Immediate resistance: $118,500-$119,000
Big resistance: $120,000-$120,200
Targets if break higher: $122,500 then $123,200
Support if fails: $117,000 then $115,000
Market Internals
Funding rate:
Around 0.01% - not crazy high, room to run.
Open Interest:
Hit $42-45 billion - elevated but manageable.
Volume:
Decent but needs spike for real breakout.
What Changed:
right at the $118,000 zone that's been key resistance. Bulls need to clear this cleanly with volume to target $120,000+. Bears need to push below $117,000 to kill the triangle.
Bottom Line:
Same setup, just higher in the range. Break above $118,500 with conviction = moon mission. Fail here = back to $115,000-117,000. Whales are betting on the breakout.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.