As of today, 351,000 BTC have been traded around the price range of $112,000-$114,000, an increase of 80,000 since August 3rd; a portion of this comes from selling trapped positions above, but currently, there is still an accumulation of 1.1 million in Area A, making $117,000-$118,000 the most critical resistance level at the moment.

Without a decisive breakthrough of this resistance level, BTC still has the possibility of pulling back to $112,000 again. The best scenario would be for it to consolidate back and forth between $112,000-$117,000 to absorb more uncertain positions and re-establish price consensus, in order to build momentum for the next upward breakout.