Bitcoin News Today: Bitcoin rebounds above $115K but faces mixed on-chain signals ahead of $118K target

Bitcoin reclaims $115K, a key resistance level, with bulls eyeing the $118K target as market participants assess whether the move marks a sustainable upward shift or a temporary rebound. The price broke above $115,000 and hovered near $116,377 at press time, signaling a potential continuation of the bullish trend. However, the strength of the breakout remains in question due to mixed on-chain metrics and uneven user engagement [1].

Over 120,000 BTC were accumulated between $112K and $114K during the recent rebound, indicating opportunistic buying by investors [1]. Long-term holders, however, cashed out $44.5 million in profits over the past 48 hours, suggesting that conviction in the current rally remains fragile [1]. Glassnode’s data further highlights a lack of robust support in the $110K–$116K range, with sparse supply creating an “air-gap” that could hinder a stable price foundation [1].

Technical indicators on lower timeframes show a series of higher lows, supporting the possibility of a bullish continuation. Still, confirmation is needed through increased trading volume and consistent buyer demand to ensure the breakout holds [1]. Analysts emphasize that maintaining a position above $115K is critical for sustaining the upward momentum in the coming sessions [1].

On-chain activity reflects a pattern of inconsistency, with network growth and transaction counts fluctuating sharply in recent weeks. At press time, the metrics stood at 131K and 219K, respectively, reflecting weaker user engagement [1]. A lack of unified conviction among participants raises doubts about the network's ability to support a sustained breakout. Historically, significant price surges have been accompanied by strong network activity, a factor currently missing [1].

A rare positive inflow was recorded on August 7, with CoinGlass reporting a $33.25 million net inflow into spot markets—breaking months of outflows. This sudden shift may indicate renewed buying interest or short-term trading preparations. Yet, it is important to note that not all inflows are bullish; some can precede distribution rather than accumulation [1]. The coming sessions will determine whether this inflow marks a broader trend or simply momentary repositioning as traders navigate resistance levels [1].

In summary, Bitcoin’s reclaim of $115K strengthens the case for further upside, but the path to $118K and beyond remains conditional. A sustained hold above the key level, combined with stronger user participation and consistent inflows, will be essential for validating the bullish narrative. Until then, caution remains warranted as the market weighs the balance between momentum and fragility.

Source: [1] Bitcoin reclaims $115K – Mapping BTC’s road to $118K and beyond (https://ambcrypto.com/bitcoin-reclaims-115k-mapping-btcs-road-to-118k-and-beyond/)