Bitcoin is testing the $115K resistance level again, with bulls aiming for $117K amidst mixed ETF flows and strong on-chain accumulation.
What is Bitcoin’s Current Price Action?
Bitcoin is once again testing the key $115,000 resistance level after several failed breakout attempts in recent weeks. Bulls are looking to reclaim this level, with the next target set at $117,000 if upward momentum holds. At the time of writing, BTC was trading at $114,219.
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What are the Key Resistance Levels?
According to analysis from Captain Faibik, Bitcoin has struggled to close above $115,000 despite multiple attempts. The BTC/USD 14-hour chart shows price moving within a descending parallel channel since mid-July 2025, following a retreat from highs near $122,000.
$BTC #Bitcoin Bulls have failed once again to clear the 115K Resistance.🏄♂️
Now, they’re making another attempt to reclaim it. (If successful, the next target will be 117K)
Momentum will only shift decisively once a confirmed breakout above (117k) the channel occurs. 📈#BTC pic.twitter.com/yHVj7QHfYI
— Captain Faibik 🐺 (@CryptoFaibik) August 5, 2025
The current bounce from the channel’s lower boundary has pushed price toward its mid-range. Analysts note that a confirmed breakout above $117,000 would mark a decisive shift in momentum and could open the path to higher resistance levels. Until then, price action remains contained within the channel, with $115,000 acting as the immediate hurdle.
Crypto Patel cautioned that as long as BTC trades below $115,700, bearish bias remains. “Failure to reclaim increases the risk of a breakdown toward $107K or even below $100K,” Patel stated. A bullish invalidation would require a move above $119,000.
Market Drivers and Technical Signals
The broader market outlook remains influenced by macroeconomic expectations. According to the CME FedWatch Tool, most traders anticipate a 25 basis point interest rate cut in September, a move that could weaken the U.S. dollar and support risk assets like Bitcoin.
On-chain data shows continued accumulation from large holders, with over 160,000 BTC added to treasuries in the past month. However, U.S. spot Bitcoin ETFs have recorded four consecutive days of outflows, totaling $196.18 million, signaling mixed institutional sentiment.
Technical indicators are balanced, with the daily RSI at 45 and the MACD maintaining a bearish crossover since late July. Analysts note that a sustained close above $115,000, followed by a break over $117,000, would be necessary to confirm short-term bullish control.
Key Takeaways
- Resistance Levels: Bitcoin is testing $115K, with $117K as the next target.
- Market Sentiment: Mixed signals from ETF flows and strong on-chain accumulation.
- Technical Outlook: A close above $115K is crucial for bullish momentum.
Conclusion
Bitcoin’s current price action reflects a critical testing phase at the $115,000 resistance level. With bulls aiming for a breakout towards $117,000, market dynamics remain complex, influenced by both macroeconomic factors and on-chain data. As the situation evolves, traders should remain vigilant for key technical signals.
Source: https://en.coinotag.com/bitcoin-faces-115k-resistance-again-as-bulls-eye-117k-amid-mixed-etf-and-on-chain-signals/