TLDR
- Bitcoin short-term holders have reduced profit-taking as price recovers from $112,000
- Market in “relatively balanced position” with 70% of short-term holders still in profit
- Bitcoin trading around $114,766 after falling from all-time high of $123,100
- Analysts watching key resistance level at $115,500 for potential breakout
- Tom Lee predicts Bitcoin could reach $250,000 in 2025 despite recent pullback
Bitcoin has stabilized around the $115,000 mark after a recent pullback from its all-time high of $123,100 reached on July 14. According to data from Glassnode, short-term holders have eased their profit-taking activities as the price slowly climbs above its local low of $112,000.
The analytics platform reported on Wednesday that Bitcoin Short-Term Holders (STH) – defined as those holding Bitcoin for less than 155 days – have “cooled off” their selling. The STH spent volume, which measures the proportion of recent buyers in profit selling their Bitcoin, has dropped to 45%, below the neutral level.
This behavior suggests the market “is in a relatively balanced position, with 70% of STH supply still held in profit, and an almost even split of profit and loss taking in coins which are on the move,” according to Glassnode.
The company further noted that this level “aligns with the midline of prior bull phases, and is again not an atypical condition.”
Market participants closely watch the behavior of Bitcoin STHs as they historically tend to sell more during periods of market volatility.
The recent data comes after Bitcoin dipped to $112,044 over the weekend, just weeks after reaching its new all-time high. At the time of writing, Bitcoin was trading at approximately $114,766.
Technical Analysis Points to Key Resistance
Bitcoin currently faces a critical resistance level around $114,400-$115,500. According to TradingView data, a descending trendline and the 100-hour simple moving average are acting as major barriers in this zone.
Failure to break above this resistance could lead to deeper losses, with immediate support at $112,500 and $110,500. The 50% Fibonacci retracement level from the recent drop reinforces this resistance, while futures premiums falling below 7% signal waning speculative interest.
Technical indicators show Bitcoin’s lower-high, lower-low structure persists, keeping short-term pressure tilted downward. The Bitcoin RSI on shorter timeframes remains below 50, suggesting short-term traders still favor bearish positions.
A successful breakout above $115,500 could lead to a test of $118,000 and potentially the psychologically important $120,000 level. Closing above $120,000 would signal new momentum toward fresh highs.
However, should the price fail to break resistance, a fall below $112,000 would likely test the broader support zone around $108,500, which many analysts consider a crucial floor.
Analyst Projections Remain Optimistic
Despite the recent price pullback, several crypto analysts maintain optimistic outlooks for Bitcoin’s performance through the rest of 2025.
Fundstrat co-founder and BitMine chairman Tom Lee reaffirmed his ambitious forecast on the Coin Stories podcast Tuesday. “I think Bitcoin should really build upon this 120 before the end of the year; 200,000, maybe, 250,” Lee told host Natalie Brunell.
Lee attributed his optimism to rising institutional demand and the fading relevance of traditional four-year cycles due to greater market maturity. He also suggested that current market skepticism is a healthy sign, saying, “If everyone were bullish, the price would have already priced that in. Skepticism creates room for positive surprises.”
Not all experts share this bullish outlook. Markus Thielen from 10x Research sees a more tempered target of $160,000, while Standard Chartered and Bernstein have aligned their year-end forecasts around $200,000.
Some analysts argue the Bitcoin halving cycle may peak in late 2025 or early 2026, following traditional post-halving bull trends.
The current period coincides with historically soft months—August and September—for digital assets. Despite this seasonal weakness, the broader bullish trend remains intact, with on-chain metrics showing no signs of overheating and long-term holders remaining firmly in profit.
With Bitcoin priced just below a significant technical level, market participants are watching to see if it can reclaim $115,500 and build momentum into Q4.
At press time, Bitcoin (BTC) was trading at around $114,245, up 0.97% in the last 24 hours.
The post Bitcoin (BTC) Price: Technical Analysis Shows Critical Resistance at $115,500 Level appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-btc-price-technical-analysis-shows-critical-resistance-at-115500-level/