Bitcoin is launching a new round of assault towards the key resistance level of $117,000. This position is seen as the core battleground for bulls and bears, and once effectively broken, the price trend is expected to welcome a directional choice.
Data shows that as of August 10, the chip stock at the $117,000 price level reached 647,000 BTC, which was hardly reduced during the previous pullback. At the same time, the blank range between $112,000 and $116,000 has been fully digested by the market, with a turnover of 623,000 BTC in that range.
(Figure 1)
This means that the narrow range of $112,000 to $117,000, which is $5,000, has already borne the cost basis of over 1.2 million BTC. Such a large chip accumulation not only provides momentum for a renewed price attack but also constitutes solid support in case of failure.
It is also noteworthy that the on-chain chip accumulation trend shows that large players are currently in a net accumulation state, which sharply contrasts with the large-scale outflows of chips during previous instances when the price returned to high levels. Therefore, if Bitcoin can effectively break through and stabilize above $117,000, the next major target may be a new historical high.
(Figure 2)
It is important to note that this judgment is mainly based on trend analysis rather than short-term price path predictions. Although the long-term outlook is positive, the market's operational process may be accompanied by fluctuations and reversals.
