Bitcoin News Today: Bitcoin consolidates near $114K as bulls and bears clash ahead of key breakout

Bitcoin remains in a critical consolidation phase around $114,000, with traders closely watching for signs of a breakout or breakdown. The asset has pulled back from its recent all-time high of $123,000 and is now testing key support levels, sparking debates among analysts about whether BTC is setting up for a renewed rally or a deeper correction [4]. Technical indicators suggest a mix of bullish and bearish signals. On the daily chart, Bitcoin has broken below an ascending channel that had defined its structure for months. The price is currently consolidating near the 100-day moving average, which aligns with $110,000 support. A breakdown of this level could send BTC toward the $100,000 zone, which also coincides with the 200-day moving average [1]. Conversely, the 4-hour chart shows a more optimistic picture. BTC recently reclaimed the $116,000 level, breaking through a short-term resistance within a descending channel. The price is also rebounding from the 50% Fibonacci retracement level, and the RSI has crossed above the 50% threshold, indicating a potential shift in momentum. If BTC manages to hold above $116,000, it could see a renewed push toward the $123,000 high and possibly beyond [1]. On-chain metrics provide further insight into market sentiment. The Exchange Whale Ratio has climbed to its highest level since early 2023, signaling increased activity among large holders. Historically, such spikes have been followed by distribution events or profit-taking, suggesting that whales may be preparing to offload holdings [1]. This development, combined with stalled price momentum, raises concerns that the current uptrend could face resistance. The 10% bid-ask ratio also shows weak buy-side interest, indicating that sellers still control the immediate direction [4]. Analysts remain divided on BTC’s near-term trajectory. Some believe that if Bitcoin holds above a key support level, it could target $125,000 [6]. Others warn that a breakdown toward $110,000 is a realistic risk, especially if on-chain outflows and derivatives positioning show signs of increased selling pressure [3]. Additionally, macroeconomic factors continue to play a role. A weaker U.S. dollar is generally favorable for Bitcoin, but credit market signals suggest investor caution could temper further gains [5]. Overall, Bitcoin appears to be in a transitional phase. While bulls are attempting to reestablish control above $116,000, bears are testing the resilience of the $110,000 support. The outcome of this tug-of-war will likely determine whether BTC continues its bullish trajectory or faces a more significant pullback. Traders are advised to monitor both on-chain activity and derivatives positioning for confirmation of either scenario [4]. Source: [1] Bitcoin Price Analysis: is BTC About to Hit $120K or $110K Next? (https://coinmarketcap.com/community/articles/6895fe291214ff464aa18faa/) [2] ChatGPT-5 Predicts Bitcoin Could Hit $125K This August, Coinpedia (https://coinpedia.org/price-analysis/chatgpt-5-predicts-bitcoin-could-hit-125k-this-august/) [3] Bitcoin Price News: BTC Retests Trend Line Support from Below, FXEmpire (https://www.fxempire.com/forecasts/article/bitcoin-price-news-btc-retests-trend-line-support-from-below-is-btc-heading-to-100k-1539713) [4] Bitcoin stabilizes at $114K - Yet ONE key metric warrants caution, AMBCrypto (https://ambcrypto.com/bitcoin-stabilizes-at-114k-yet-one-key-metric-warrants-caution/) [5] Equity Markets vs. Crypto Markets Overview, Cointelegraph (https://cointelegraph.com/category/market-analysis) [6] CryptoSkullSignal — Trading Ideas and Scripts, TradingView (https://www.tradingview.com/u/CryptoSkullSignal/)