🔥 $BTC hovers around $118K while a 'pennant' is forming, anticipating a new momentum
Price and Technical Structure
Current price: $118,438
Intraday range between approximately $117K and $120K
A bullish pennant has formed on the daily chart, which is usually a technical signal of continuation following a prior momentum
Key Factors
Despite recent net outflows from ETFs (over $1B), the cumulative flow during July was a record, reaching $12.8B, of which $6B went to BTC ETFs
Institutional movement, although with corrections, continues to support the underlying trend
Technical Level of the Day
Key support: $117,000
Immediate resistance: $120,000–$120,300
A sustained close above $118K could pave the way towards $122K–$123K
Institutional / Macro Outlook
Despite technical corrections and rotation among ETFs, the outlook remains bullish, driven by a strong buying structure and historical flows. The technical pattern indicates that BTC is preparing for its next phase, especially if ETF momentum returns
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