Is the next step for Bitcoin a new ATH? Analysis of BTC from July 28, 2025 The next step for Bitcoin is a new ATH?

# The derivatives markets experienced a turbulent weekend. Friday's bearish move, dropping below $117,000, caused an excess of negative sentiment, quickly followed by a wave of aggressive buyers around $115,000.

The majority of these speculators seem to have been shaken out by the volatility, first with a bearish spike below $115,000, then by a bullish recovery towards liquidity zones around $118,300, then $119,500.

The market has temporarily calmed down, but the commitment of speculators remains palpable, hinting at liquidity hunting opportunities both north and south.

Short term Long term

Realized price (in dollars) 115,014 95,216

Profit supply 86.2% 100%

SOPR 1.01 2.34

On-chain data confirms the presence of dynamic support around $115,000, corresponding to the realized prices by the most recent holders, mostly positioned after breaking the $110,000 and within the current consolidation range.

This suggests potential pressure on this category of investors if we were to sustainably drop below, favoring a capitulation phase for these holders.

Additionally, we observe that profit supply remains high at 86.2%, while profit-taking has significantly slowed since the peaks recorded in mid-July.

The market seems to be entering a waiting phase, but it is clear that in case of a break below the $115,000 threshold, the path would be open for a more pronounced correction.

In terms of market capitalization, Bitcoin retains its position as a leader, with an estimated valuation of $2.359 trillion, down $11 billion over the week. Its dominance remains slightly above 60%, testing the 50-week moving average #Bitcoinath