Bitcoin News Today: Bitcoin Holds at $117K Amid Institutional Buying and Key Resistance Levels

Bitcoin is currently trading at $117,000, having remained relatively stable in the past 24 hours with a market capitalization of $2.32 trillion and daily trading volume of $73 billion. Technical indicators show a narrowing wedge pattern on the price chart, which typically precedes a significant price movement, either upward or downward. The immediate resistance is the 50-period SMA at $117,462, while recent candlestick patterns suggest indecision among traders, with small-bodied candles reflecting hesitation in both buying and selling.

On the technical analysis side, the Relative Strength Index (RSI) is at 51, having rebounded from oversold levels, and the Moving Average Convergence Divergence (MACD) is flattening after a bearish phase, signaling a potential shift in momentum [1]. Price is currently consolidating above $116,000, a key support level that has held in recent days. A break below $116,078 could lead to a decline toward $114,650 and potentially $112,680, while a move above $118,047 could trigger a rally toward $120,374 and possibly $123,777 [1].

Institutional interest in Bitcoin continues to grow, with recent developments indicating a stronger foothold in traditional finance. The Dutch firm Amdax has launched AMBTS B.V., a Bitcoin treasury company set to list on Euronext Amsterdam, with ambitions to control 1% of the total Bitcoin supply, valued at over $24 billion at current prices. This move reflects increasing European demand for Bitcoin as a balance sheet asset, with at least 15 European companies already holding BTC [1].

Michael Saylor’s MicroStrategy has also continued its aggressive Bitcoin accumulation, recently adding 155 BTC valued at $18 million. This brings the company’s total holdings to 628,946 BTC, worth approximately $74 billion. With unrealized gains of nearly $28 billion, MicroStrategy remains the largest corporate holder of Bitcoin. Saylor has indicated that the firm is prepared to continue buying during dips, signaling confidence in Bitcoin’s long-term value [1].

Institutional adoption is now responsible for over 10% of Bitcoin’s supply, with MicroStrategy having doubled its holdings since the 2024 U.S. election. The trend of institutional accumulation, coupled with growing mainstream adoption, is expected to create a supply squeeze that could drive prices higher in the future [1].

However, the broader crypto market remains cautious ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later this week. Traders have liquidated $567 million in positions this week, with negative funding rates pointing to a near-term bearish bias. Although the Fed is expected to address inflation and the weakening labor market, it is unlikely to confirm a rate cut in September [1].

Analysts are closely watching for confirmation signals such as engulfing candles or sharp volume spikes to determine whether Bitcoin will break out of its consolidation phase. While short-term volatility persists, the long-term trend remains upward, driven by institutional demand, adoption, and supply constraints. If momentum continues to build, Bitcoin could potentially surge toward $130,000 and beyond, entering the presale phase for a new bull cycle [1].

Sources:

[1] Bitcoin Price Prediction: Will BTC Rally to $123K or Drop to $112K? (https://cryptonews.com/news/bitcoin-price-prediction-will-btc-rally-to-123k-or-drop-to-112k/)