Bitcoin News Today: Bitcoin Stabilizes Near $116,882 Amid Consolidation and Bullish Momentum

Bitcoin has entered a phase of consolidation following a recent correction that pushed its price below the $112,000 level, with the cryptocurrency currently stabilizing around $116,000. After reaching a peak near $123,236, Bitcoin has found support in this range and is showing early signs of potential for a larger upward move, as analysts highlight its position above key support levels and the presence of bullish momentum [1].

Recent market data indicates a shift in sentiment toward optimism, with Bitcoin climbing 1% in the past 24 hours to trade near $116,882, according to Nansen. The renewed stability is helping to restore confidence among investors following a recent period of downward pressure, with traders now closely watching for a breakout above critical resistance levels [2].

However, the Bull Score Index—a proprietary indicator of market strength—has declined from 80 to 60 in recent weeks, according to CryptoQuant. This drop is seen as a sign of moderating momentum, with some analysts pointing to broader macroeconomic factors, including liquidity trends, as potential contributors. One expert has likened Bitcoin’s behavior to gold, noting that its price remains highly sensitive to global liquidity conditions [3].

While Bitcoin remains the central focus of the crypto market, maintaining its position near yearly highs and drawing significant investor attention, there is also a growing interest in alternative cryptocurrencies and new token projects. Assets such as XRP and Ether have seen gains in recent days, contributing to an overall positive environment in the digital asset space [4].

From a technical perspective, Bitcoin is currently trading below $117,000, with key support at $116,000 and resistance at $117,500. A breakout above $117,600 could set the stage for a more substantial rally, according to market analysts [5].

On the production side, Bitcoin miners have not resorted to forced selling, with the current price standing 7.4% above the cost of production. This suggests a more sustainable market environment and reduces the risk of price suppression caused by mining activity [6].

Source:

[1] Bitcoin.com: https://news.bitcoin.com/bitcoin-price-watch-consolidation-signals-a-big-move-ahead/

[2] Binance: https://www.binance.com/en/square/post/28041988984257

[3] X: https://x.com/Globalflows/status/1953525747349586218

[4] Barchart.com: https://www.barchart.com/story/news/34009555/bitcoin-consolidates-moonshot-magax-magax-quietly-positions-for-a-potential-100x-run

[5] Economies.com: https://www.economies.com/crypto/news/bitcoin-settles-below-$117,000-as-traders-await-breach-of-pivotal-levels-47063

[6] Mitrade: https://www.mitrade.com/insights/news/live-news/article-3-1024655-20250808