BTC Support at $112K Could Spark Run to $120K

Key Insights:

• Bitcoin defends $112,000 support as traders eye $120,000, with immediate resistance sitting near $117,600.
• Whale dumped 24,000 BTC worth $2.7B, triggering a $4,000 crash, but still holds 152,874 BTC.
• RSI at 42.69 signals weak momentum, while BBTrend near neutral reflects fading bullish pressure.

Bitcoin was trading near $112,800, with daily trading volume recorded at $45.26 billion. Over the past 24 hours, the asset has declined by -2%, while the weekly performance shows a drop of -2.62%. Despite recent losses, the market continues to watch the $112,000 level as a pivotal support.

Ali  stated that “Bitcoin $BTC holding $112,000 is all that’s needed for a rebound back to $120,000.” The 4-hour chart confirms that this level has been tested several times, with buyers stepping in to prevent further downside.

Resistance Levels in Focus

Above current levels, Bitcoin faces immediate resistance near $117,600, a price area that capped rallies earlier in August. A breakout above this barrier could pave the way for another attempt at $120,000, a level that has twice rejected upward moves over the past month.

If momentum builds while holding above $112,000, a move toward $120,000 remains possible. However, failure to hold this support could bring prices back to the $111,000–$110,500 range, which previously served as a short-term floor.

Whale Activity and Market Reaction

Large-scale wallet data shows heavy selling pressure in recent days. At press time, a major Bitcoin address transferred approximately 24,000 BTC across multiple transactions. The outflows included single transfers of nearly 10,000 BTC, confirming substantial movements within minutes.

Crypto Rover reported that “BITCOIN WHALE DUMPED 24,000 #BITCOIN ($2.7B), TRIGGERING A $4K CRASH WITHIN MINUTES.” Despite this sale, the same whale still controls around 152,874 BTC, valued at over $17 billion, maintaining influence over the market.

Momentum Indicators Show Weakness

The daily chart shows momentum softening after Bitcoin’s run toward $120,000 earlier in August. The RSI (14) sits at 42.69, with its average near 49.55, indicating bearish-to-neutral momentum. While not yet oversold, the indicator reflects limited buying strength.

The BBTrend is currently at 0.06, close to neutral. The indicator has been declining after stronger readings earlier in the summer, pointing to weaker volatility and fading bullish pressure. Overall, Bitcoin is consolidating around $112,000, a level that remains crucial for its next move.

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.