Bitcoin News Today: Bitcoin Consolidates Near $116K, Repeats Pre-Surge Pattern to $100K

Bitcoin is currently trading near $116,618, consolidating after a breakout above a long-standing resistance level. This price structure mirrors conditions observed prior to Bitcoin’s surge from $70,000 to $100,000 in late 2024, raising speculation about potential for another upward movement [1]. The recent consolidation appears to reflect similar breakout patterns seen before major price increases, signaling a possible continuation of bullish momentum.

Price action analysis indicates that Bitcoin has followed a trajectory comparable to its 2024 breakout, where it broke out of a descending triangle and completed an inverse head and shoulders pattern [1]. In mid-2025, a rising wedge formed with higher lows and resistance near $120,000. The wedge broke in July, sending the price briefly to $130,000 before a retrace to the current level near $116,600. Bitcoin is now consolidating within a key green zone, where previous resistance has transitioned into support [1].

Key resistance levels are currently identified at $115,500, combining the 100-hour simple moving average and 50% Fibonacci retracement. Immediate support is seen at $112,500, and a further decline below $112,000 could test the $108,500 level [1]. On-chain data suggests strong holder conviction, with 70% of short-term Bitcoin supply remaining in profit. This indicates reduced selling pressure and stronger holding sentiment among recent buyers [1]. Short-term spent volume has also dropped to 45%, falling below neutral thresholds and reinforcing the idea that recent buyers are holding their positions with confidence.

Institutional interest remains firm, with Strategy holding 628,791 BTC and recently filing a $4.2 billion offering to acquire more [1]. Bitcoin futures premiums have fallen under 7%, signaling a reduction in speculative activity. Despite this, long-term holders continue to maintain profitable positions, according to recent market reports [1].

Analysts have expressed varying outlooks on Bitcoin’s future trajectory. Tom Lee of Fundstrat reaffirmed his $250,000 BTC price forecast for 2025 [1]. Meanwhile, others have noted that the market could be "loading" for a move toward $140,000, suggesting that the next phase of movement may already be underway [1]. These forecasts, however, represent analyst expectations and do not reflect current price movements.

On-chain and institutional metrics continue to support the long-term bullish case for Bitcoin. As the market consolidates near $116K, investors and traders are closely monitoring key resistance and support levels for potential breakout confirmation. The current structure bears a strong resemblance to patterns observed before the previous surge to $100K, making it a focal point for both retail and institutional participants [1].

Source: [1] Bitcoin Consolidates Near $116K, Echoing Patterns Before Previous Surge to $100K August 8, 2025 (https://en.coinotag.com/bitcoin-consolidates-near-116k-echoing-patterns-before-previous-surge-to-100k/)