Bitcoin News Today: Bitcoin Hovers Near $118,000 Amid Key Support and Bullish Momentum Signals

Bitcoin remains in a critical consolidation phase near key support levels, as the cryptocurrency hovers around $118,000 following a recent peak above $124,000 [1]. Analysts suggest the market is at an inflection point, with two possible outcomes: a deeper pullback to the $108,000–$112,000 range or a period of consolidation that could lead to renewed bullish momentum.

On-chain data shows strong support levels near $117,500 and $114,400, where significant BTC positions have been added by buyers. Analyst Ali Martinez notes that these areas represent major cost basis clusters, with nearly 73,000 BTC traded at the $117,500–$117,600 level and over 56,000 BTC exchanged in the $114,400–$114,600 range [1]. These levels are expected to act as key defense points, with buyers likely to step in if the price retests them.

Technical indicators suggest a period of consolidation rather than exhaustion. The RSI is near a neutral 53, indicating no overbought or oversold conditions, while the MACD line remains above its signal line, reflecting mild bullish momentum [1]. However, the histogram remains flat, signaling limited immediate directional force. These readings suggest that Bitcoin is pausing near record highs and that near-term direction will depend on whether it can defend its support levels and retest the $124,000 threshold.

Analysts like Ted highlight that the current price action aligns with a Wyckoff Accumulation pattern, a traditional market structure that indicates institutional involvement and potential for further gains. He argues that the recent move does not represent a final peak but rather the “Sign of Strength” phase within the Wyckoff model [1]. According to his analysis, the cycle began in early 2025 with a “spring” phase in April, leading to a steady rise in BTC prices. The alignment with the Wyckoff model, combined with growing global liquidity—as evidenced by the rising M2 money supply—supports the view that the cycle could extend further.

If Bitcoin sustains above $117,500 and liquidity conditions remain favorable, some analysts forecast potential price targets as high as $160,000 [1]. Other projections suggest a more immediate target of $130,000–$134,000, conditional on Bitcoin maintaining support above the $110,000–$112,000 range [2]. A further 11% rise to $129,690 by September 15, 2025, is also being cited by some market participants [3].

The broader market context also shows Bitcoin’s volatility stabilizing, with post-ETF launch behavior resembling that of high-growth tech stocks. This shift could encourage a broader investor base to enter the market, increasing liquidity and reinforcing the bull case [4].

As traders monitor key levels, the $108,000–$112,000 range remains crucial for support, while $118,600 acts as a near-term resistance target. Analysts remain cautiously optimistic, noting that regardless of whether Bitcoin pulls back or consolidates, the overarching bull market framework remains intact. The coming weeks will be critical in determining the next direction of the price action [1].

Sources:

[1] https://coinmarketcap.com/community/articles/68a226a51ef5bf7de6c0610a/

[2] https://m.economictimes.com/news/international/us/bitcoin-xrp-price-target-forecast-what-cryptocurrency-investors-expect-on-monday-august-18/articleshow/123346752.cms

[3] https://www.mitrade.com/insights/news/live-news/article-3-1046061-20250817

[4] https://www.panewslab.com/en/articles/0239df91-36f4-4bff-aff5-8830e2b841ca