🔥 $BTC near $118K as flows from ETFs adjust the institutional landscape
📊 Current price and clear technical structure
Bitcoin is trading at $118,377, fluctuating between $117,496 and $120,256 during the day. After reaching a peak of $120K following the July rally, the price is now consolidating within a sideways channel marked by bullish wedge patterns.
⚙️ Key factors of the day
Spot BTC ETFs recorded net outflows of $131M (the first pullback after 12 consecutive days of inflows).
Despite this, the accumulated weekly flows exceed $2,700M, showing a continued bullish institutional outlook.
A wallet linked to SpaceX moved 1,308 BTC (~$153M) from an inactive address, which could signify a strategic relocation or profit-taking.
The market continues to absorb large movements: Galaxy Digital sold 80,000 BTC for $9B, which generated only a slight pullback (~1%) before recovering above $119K, evidencing greater institutional stability.
🔧 Technical level of the day
📌 Support: $117,000–$118,000 (intraday lows and base of the channel)
📌 Resistance: $120,250–$120,300 (daily range high)
🎯 Critical zone: staying above $118K would facilitate a new attempt towards $122K–$123K
🌐 Institutional outlook / macro vision
The growing institutional infrastructure and regulatory backing (Genius Act, Trump’s Strategic Bitcoin Reserve) favor a scenario of structural adoption. Although the market is going through a consolidation phase, analysts like Deutsche Bank project rises towards $200K if this momentum is maintained.
$122K or will it further consolidate its current position? Let us know below 👇
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