Bitcoin News Today: Bitcoin Bounces 1.61% Off $112,000 Support, Reaffirms Bullish Trendline

Bitcoin has successfully held the $112,000 support level, triggering a notable rebound toward $114,351 and reinforcing a long-standing ascending trendline that has been in place since early summer [1]. The price action aligns with a bullish technical setup, with traders noting that the key trendline and horizontal support levels have effectively prevented a deeper pullback [1]. This bounce follows a period of consolidation and tension within a narrow price channel formed in July, which saw Bitcoin test both the lower boundary and the ascending support line simultaneously [1].

The current price structure suggests that bulls are regaining control as long as Bitcoin remains above the $112,000 threshold, which now acts as a critical decision point for the near-term direction of the asset [1]. If this level holds, the next potential price targets are $120,000 and $124,000, levels that previously capped rally extensions and could serve as benchmarks for further upside momentum [1]. The recent 1.61% intraday gain reinforces the strength of the bounce and indicates that buyers are stepping in at key levels [1].

From a technical perspective, the alignment of the trendline with the $112,000 support has created a strong confluence that traders are closely monitoring. The price's ability to rebound from this area suggests that the broader bullish structure remains intact [1]. Analysts on platforms like TradingView have highlighted the clean bounce at the trendline and the horizontal support-turned-resistance, noting that it fits a textbook pattern of a successful retest of a breakout zone [1].

The options market also reflects growing bullish sentiment, with traders buying call options at strike prices of $118,000, $124,000, and $126,000 for the August 29 expiry [1]. This behavior suggests that market participants are positioning for a potential move higher, particularly if Bitcoin can break above the previous channel’s upper boundary [1]. QCP Capital has noted that the recent dip may have created a favorable accumulation phase, especially after the liquidation of high-leverage positions, and has emphasized the importance of tracking ETF flows and volatility metrics to gauge market confidence [1].

While the bullish case remains intact as long as Bitcoin stays above $112,000, a breakdown below this level could invalidate the current trendline and lead to a retest of the $110,000–$112,000 range [2]. However, such a move is not necessarily seen as a sign of weakness but rather as a potential buying opportunity for long-term holders [1]. Institutional demand continues to support the broader bullish narrative, with strong inflows into BlackRock’s IBIT ETF reinforcing the long-term demand structure [1].

In conclusion, Bitcoin’s recent performance above $112,000 signals a resumption of the bullish trend that has defined much of the year. As long as this key support holds, the path toward $120,000 and potentially $124,000 remains open, supported by both technical and macroeconomic factors [1].

Source:

[1] Bitcoin (BTC) Price Today: Bitcoin Surges Past $115K as ... (https://bravenewcoin.com/insights/bitcoin-btc-price-today-bitcoin-surges-past-115k-as-blackrock-etf-leads-market-institutional-demand-soars)

[2] Triangle — Trading Ideas on TradingView (https://www.tradingview.com/ideas/triangle/)