Bitcoin News Today: Bitcoin Stalls Near $114.6K as Key Support Holds and Breakout Looms

Bitcoin remains in a tight trading range near $114,600, with buyers defending key support at $113,800 as the market prepares for a crucial breakout [1]. Sellers have established a strong presence between $114.6K and $115.8K, creating a ceiling that has so far prevented further upward movement. Despite several attempts to push through, the price has repeatedly met heavy resistance, with sell walls clearly visible on the order book [2].

The immediate support at $113.8K has held strong so far, offering buyers a temporary buffer against downward pressure. However, if this level fails, the next key area to watch is $113.0K, where further consolidation or a retest of bullish strength could occur. Analysts note that the current consolidation between $112K and $120K fits within a broader Elliott Wave 5 pattern, suggesting that a clean breakout above $114.6K could reignite bullish momentum and push the price toward $115.8K [3].

On the technical side, the SuperTrend indicator has turned green, signaling short-term strength, but this must be confirmed by a sustained break above the $114.6K resistance cluster. On-chain data and footprint analysis show a buildup of sell orders in this area, indicating that any advance may face sharp counterpressure unless it is backed by strong buying conviction [1]. If Bitcoin manages to clear these levels, it may tap into a thin liquidity gap at $116.5K, potentially extending the rally further.

Conversely, a breakdown below $113.8K would likely bring renewed bearish pressure, dragging the price down toward $113.0K. This scenario is being closely monitored by traders, particularly those watching the 15-minute closes for signs of exhaustion or continuation. Meanwhile, the broader market remains cautious, with reduced borrowing activity suggesting a cooling in speculative trading [2].

The RSI stands at 62.64, indicating that the market still has room to move higher before reaching overbought conditions. However, without a clear catalyst or new drivers, analysts warn that the rally could stall. The coming days will be critical in determining whether the current bounce is a precursor to a larger move or a temporary pause before another pullback [3].

As the August market approaches its peak, Bitcoin is at a pivotal moment. A breakout above $114.6K could trigger short covering and push the price toward $115.8K, while a breakdown could initiate a deeper retest of support. Traders are closely watching volume patterns and on-chain activity for clues about whether accumulation or distribution is in play. For now, the coin is coiled, and the next move—whether up or down—will define the next chapter in its price action [1].

Source:

[1] Bitcoin Price Stalls Near $114K: Support Holds but Time Is Running Out (https://blockonomi.com/bitcoin-price-stalls-near-114k-support-holds-but-time-is-running-out/)

[2] Bitcoin Finds Support At $114K, But Rally May Stall Without New Drivers (https://www.newsbtc.com/news/bitcoin-finds-support-at-114k-but-rally-may-stall-without-new-drivers/)

[3] BTC Structure Update (August 5) The classic Accumulation (https://www.facebook.com/groups/2820159****72964/posts/btc-structure-update-august-5the-classic-accumulation-manipulation-distribution/4051025995153007/)