5 Things To Know About Bitcoin Price This Week

Key Insights:

• Bitcoin price is range-bound near $119K, showing less than 1% movement in the past 24 hours, but liquidation walls and falling exchange reserves hint at an incoming breakout.
• Exchange reserves have dropped to 2.384 million BTC, signaling reduced sell pressure, while SOPR data shows holders aren’t eager to take profits just yet.
• Price resistance stands at $120,666, with a short liquidation cluster above; a clean break could spark upside toward $124K and reopen the path to a new Bitcoin all-time high.

Bitcoin price is sitting close to $119,000, stuck in a tight range for several days now. In fact, it hasn’t even moved 1% in the past 24 hours.

It may feel quiet, but this kind of calm often comes right before something big. Traders are on standby. Everyone’s waiting for a spark.

To figure out what might come next, let’s look at what’s happening under the surface. These are five things affecting the BTC price right now, and what they might mean for the road ahead, including whether a new Bitcoin all-time high is even on the table.

Falling Exchange Reserves Hint at Lower Sell Pressure

Bitcoin’s exchange reserves have dropped to 2.384 million BTC, a monthly low. This is often a bullish sign.

Fewer coins on exchanges means traders aren’t looking to sell right now. In fact, when reserves last spiked above 2.5 million in mid-July, the Bitcoin price dropped by over 5% that same week. Now that reserves are falling again, it suggests selling pressure is cooling off.

If demand comes in, especially spot buying, this low supply could help push BTC price above the current $119,000 ceiling. So while the chart looks sleepy, the low reserves could quietly support a breakout, especially if the $120,700 resistance cracks.

Liquidation Zones on Both Sides Explain Why Bitcoin Price Is Stuck

Looking at the latest liquidation map, it’s clear why the BTC price is bouncing in a range. There’s a heavy concentration of both long and short liquidations stacked close to the current price zone, around $118,000 to $121,000. That balance means the price has no clear path yet.

If Bitcoin price spikes above $120,500, it could trigger a short squeeze; over $300 million in shorts could get liquidated. That could push the price toward the $124,000–$127,000 zone. But if it dips below $116,000, long liquidations could pull it down to $114,000. The equal weight of bets on both sides is exactly why the Bitcoin price hasn’t made a move yet.

Funding Rates and Open Interest Suggest a Bullish Bias for Bitcoin Price

BTC’s funding rate is currently at +0.0104%, showing that more traders are paying to stay long. That’s a small but clear sign that sentiment is leaning bullish.

Open interest is stable too; not spiking, but not dropping either. When funding is flat and open interest stays firm, it means traders are still involved, but cautious.

Last time funding went sharply positive, back in early July, Bitcoin price jumped by nearly 6% in a week. We’re not there yet, but the structure is slowly forming.

If funding starts spiking again and open interest rises, it could be the early fuel for a breakout above $120,700, with the Bitcoin all-time high coming back into view.

SOPR Suggests Holders Are Not in Profit-Taking Mode

The Spent Output Profit Ratio (SOPR) is sitting at 1.0105. That’s neutral. It means people selling right now are just barely in profit.

When SOPR is low, like this, it shows that traders aren’t rushing to cash out. That’s healthy.

Back in March, when SOPR rose above 1.2, the BTC price peaked around $99,000 and saw a sharp correction.

Right now, SOPR is calm. That could mean holders are willing to ride the next leg higher, especially if Bitcoin price breaks past resistance levels and starts heading toward the Bitcoin all-time high again.

Chart Levels Tell the Story; Bitcoin Needs a Push

The daily chart shows that BTC price is stuck between $114,728 support and $120,666 resistance; that’s the Fib 0.236 level. It’s been respecting this range for the past two weeks. But here’s the catch: each dip is getting shallower. That’s a sign buyers are stepping in early.

If Bitcoin price closes above $120,700, we could see a quick jump to $124,339 (Fib 0.382) and then $127,300 (Fib 0.5). If that breaks too, the path to retesting the Bitcoin all-time high of $139,886 opens up. But if the price fails to break this week, expect the range to continue, with a possible pullback toward $115,000.

This may seem like a quiet week for Bitcoin price, but underneath it, the pressure is building.

Low exchange reserves, balanced liquidation zones, cautious bullish funding, and calm SOPR data all point toward a potential move; it just hasn’t fired yet. All it takes is a trigger, and once it hits, the next wave could start.

Whether it’s toward a new Bitcoin all-time high or another trip down depends on how traders react in this tight zone.