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Bitcoin holds $116,779, traders eyeing a breakout above $118K with key support at $114K intact.
ByAinvest
Friday, Aug 8, 2025 8:47 am ET1min read
Bitcoin holds $116,779, traders eyeing a breakout above $118K with key support at $114K intact.
Bitcoin (BTC) is currently trading near $116,779, with traders closely watching for a potential breakout above $118,000. The cryptocurrency has shown resilience, with key support at $114,000 remaining intact. Analysts and market data suggest that Bitcoin is poised for a significant move, with accumulating demand and strong on-chain support providing a solid foundation.According to a recent analysis from Coinpedia [1], Bitcoin's price has been oscillating between $114,000 and $116,000, with steady buy-ins at the lower end of this range and minimal selling activity at the upper end. This indicates growing investor confidence, as seen in the cost basis heatmap from Glassnode, which shows a staircase-like pattern of buying activity between $109,000 and $116,000 over the past month [1].
The $116,000 level is now a critical point for both bulls and bears, as it represents the top of strong on-chain support and could potentially trigger a breakout toward $120,000. CryptoQuant data shows that accumulator addresses have been more active than ever in 2025, with a 30-day net accumulation of over 320,000 BTC, signaling renewed confidence in Bitcoin's long-term upside [1].
Crypto analyst Michael Pope has highlighted the importance of a confirmed breakout above $116,000, noting that a successful attempt could swiftly move Bitcoin back into the $118,000 to $120,000 range, reigniting talk of a new all-time high [1].
In summary, Bitcoin is currently trading in a tight range, with key support at $114,000 and a potential breakout point at $116,000. The alignment of increasing long-term demand and layered cost basis support suggests that an upward breakout is likely, should Bitcoin cross above the $116,000 threshold.
References:
[1] https://coinpedia.org/price-analysis/bitcoin-price-builds-support-on-dips-can-116k-break-unlock-the-next-rally/
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