Bitcoin News Today: Bitcoin Consolidates Near $116,618 Amid Bullish Price Patterns and Strong Holder Conviction

Bitcoin is currently consolidating near $116,618, exhibiting price patterns reminiscent of late 2024, just before the cryptocurrency surged from $70,000 to $100,000 [1]. Traders and analysts are drawing comparisons between the current market structure and the conditions that preceded that breakout. The price has recently broken above a long-standing resistance level and is now consolidating within a key support zone, where former resistance levels have turned into support. This structural similarity has led to speculation about the potential for another upward move [1].

The current price action includes a rising wedge pattern formed in mid-2025, which broke out in July, pushing Bitcoin briefly to $130,000 before retreating to its current level. According to Galaxy’s recent post on X, the price structure continues to follow a bullish trajectory similar to the 2024 breakout, which featured a descending triangle and an inverse head and shoulders formation [1]. The $115,500 level has now become the immediate resistance, aligning with the 100-hour SMA and 50% Fibonacci retracement. Strong support is currently identified at $112,500, with a breakdown below $112,000 potentially leading to a test near $108,500 [1].

On-chain data suggests continued holder conviction. According to Glassnode, 70% of short-term Bitcoin holders still hold their assets in profit, indicating reduced selling pressure. Short-term spent volume has dropped to 45%, falling below neutral thresholds, a sign of stronger holding sentiment among recent buyers. The data also reveals that long-term holders maintain profitable positions, reinforcing the view that the bull trend remains intact [1].

Institutional interest is also showing resilience. Strategy has held a position of 628,791 BTC and recently filed a $4.2 billion offering to acquire more, signaling ongoing confidence in the asset. Meanwhile, Bitcoin futures premiums have fallen under 7%, indicating a decrease in speculative activity [1].

Fundstrat’s Tom Lee has reaffirmed his $250,000 Bitcoin price forecast for 2025, while CryptoElites noted the “$140,000 loading” phase, suggesting that the next move may already be in motion. The current price structure mirrors the pre-$100,000 breakout phase, offering further encouragement to long-term investors [1].

Glassnode also pointed out that Bitcoin’s ability to trade above the Short-Term Holder (STH) cost basis is a strong indicator of bullish momentum. The STH cost basis is currently around $106,100, and Bitcoin’s price remains above that level. This metric has historically been associated with bullish market conditions. A similar dynamic was observed during a correction in early 2025 when Bitcoin fell below $90,000 before rebounding in April and retesting the $116,000 level [1].

Swissblock has echoed this sentiment, noting that while the recent correction has led to a drop in Net Realized Profit and Loss, selling intensity remains low. The firm observed that the SOPR (Spent Output Profit Ratio) has been drifting lower rather than collapsing, suggesting that investors are taking profits without panic. This behavior reflects confidence in the longer-term bullish trend [1].

The market’s next move will likely depend on Bitcoin’s ability to break through the $116,900 threshold. If it fails to do so, further sideways movement or a retest of support levels below $116,000 could follow. However, continued accumulation by both retail and institutional investors indicates that demand remains strong, even amid short-term volatility [1].

Source:

[1] Glassnode Explains Why Bitcoin Still Sits in the Middle of a Bull Market, Not the End (https://thecryptobasic.com/2025/08/07/glassnode-explains-why-bitcoin-still-sits-in-the-middle-of-a-bull-market-not-the-end/)