Bitcoin News Today: Bitcoin Forms Higher Lows Near $114,000 as Bullish Breakout Looms

Bitcoin has begun forming a series of higher lows near a critical resistance level of $114,000, sparking renewed optimism among analysts that a major bullish breakout is on the horizon. The recent price action indicates a consolidation phase after hitting a monthly high near $122,000, with Bitcoin currently trading at $114,714.47. Over the past 30 days, it has gained 6.37%, showing resilience as it continues to build above key support levels [1].

The technical setup has drawn attention from several market observers. Javon Marks, a well-known analyst, highlighted that Bitcoin has broken out from a descending trendline and is now forming higher lows near $114,000. He emphasized that “prices look to be getting ready for another major bullish move,” referencing similar breakout patterns from past bullish phases [1]. The current chart structure mirrors earlier rallies, with Bitcoin showing signs of repeating its historical behavior of breaking out after consolidation [1].

Daily trading volume has increased by 18.45% to $84.33 billion, while the market capitalization remains stable at $2.28 trillion. The volume-to-market cap ratio of 3.69% indicates strong trading activity despite a 3.17% pullback in the last 24 hours. The sideways movement over the past three weeks has drawn comparisons to Ethereum’s consolidation period earlier this year, which preceded a sharp upward move [1].

Crypto Rover, another prominent analyst, noted that a confirmed breakout above $122,000 could push Bitcoin toward $140,000. This projection is supported by the asset’s continued strength above the $110,000 support zone, a level that historically has acted as a trigger for sharp price increases [1]. Meanwhile, Zyn observed a similar pattern and suggested the possibility of a capitulation wick to $110K–$112K before a new all-time high is reached [1].

On-chain data reveals that accumulation by large holders is on the rise, with over 100 million active Bitcoin wallets recorded. Analysts are closely monitoring the price for a daily close above $122,000, which would signal the beginning of a new bullish phase [1].

Despite the optimism, caution remains among some traders. Repeated rejections in the $108,000 to $108,980 range have raised concerns about maintaining bullish momentum. Analysts warn that a break below the $112,000 support level could lead to further downward pressure. However, as of early August, Bitcoin has stabilized near $118,000, with large transaction volumes in Bitcoin and Ethereum increasing by 7.2% and 4.2%, respectively, signaling growing institutional confidence [1].

The overall technical landscape suggests Bitcoin is entering a pivotal stage of its consolidation period. A breakout above $120,000 would not only validate recent bullish momentum but also open the door to higher price targets, depending on how market participants respond to the next key levels [1].

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