Key Points:
- Bitcoin trades close to all-time highs with strong technical support.
- Pricing Bands model shows next resistance near $133,000.
- ETF inflows and bullish market sentiment support upward momentum.
Bitcoin held steady over the weekend, rising toward the $118,000 level after rebounding from a weekly low of $112,000.
Current trading levels remain close to all-time highs, which reinforces market optimism. Analysts point to the MVRV Extreme Deviation Pricing Bands, where $133,000 is the next resistance if $112,000 holds.
The BTC price stood at $118,685 on Sunday, marking a 1.5% daily gain and a $2.36 trillion market capitalization. 24-hour trading volume reached $62.58 billion, up 17.67% from the previous day.
Bitcoin dominance rose to 59.53%, reflecting stronger market share compared to other cryptocurrencies.
Technical and On-Chain Indicators Show Bullish Bias
The BTC Z-Score (Price, 30/365) is currently +1.5σ above its one-year mean, below the +2.5σ overheating zone.
The Activity–Price Divergence remains near −1.5, suggesting price growth is still ahead of on-chain activity.
Analysts note that a shift of APD toward zero would signal stronger network activity or a price slowdown.
Open interest in Bitcoin futures stands at $197.04 billion, down 1.37% daily, showing some profit-taking.
The Fear and Greed Index reads 70, indicating market greed but not extreme euphoria.
ETF inflows add to bullish momentum, with 3.44K BTC net inflows on August 8, led by IBIT’s 3.07K BTC increase.
Institutional Holdings and Macro Factors Support Outlook
Top entities hold significant Bitcoin reserves, with the largest corporate holder owning over $70 billion in BTC.
Governments such as the United States and China hold over $20 billion each. These holdings contribute to market stability and reduce circulating supply pressure.
Macro conditions may influence Bitcoin’s trajectory, as traders await this week’s U.S. inflation data ahead of the September Federal Reserve meeting.
A weaker U.S. Dollar Index, currently at 98.01, supports Bitcoin’s appeal as an alternative store of value.
Gold futures remain stable at $3,398, showing no strong competition from traditional safe-haven assets.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bitcoin-could-hit-133k-if-it-holds-112k/