A breakout above $116K could trigger $BTC
upward momentum for both Bitcoin and the altcoin market.
However, a drop below $113K could invalidate the bullish setup, with key support found between $110K and $112K.
Bitcoin is showing early signs of recovery after printing a higher low around the $112,700 level, as noted by analyst Michaël van de Poppe.
At press time, BTC is trading at approximately $113,950, down 0.58% in the last 24 hours. The move follows a volatile week where the price dipped from mid-July highs of $123,200 to a recent low near $112,000.
Van de Poppe highlighted that Bitcoin is now approaching the crucial $114,755–$115,000 resistance zone. He noted this key level could determine whether BTC re-enters its previous trading range. Specifically, a successful break above this area would likely trigger upward momentum, not just for Bitcoin, but across the altcoin market as well.
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Related: Bitcoin (BTC) Price Must Break $116,800 to Go “Explosive,” 🗣️Says Top Analyst
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Breakout Above $116,800 Could Open the Door to New ATH Test
The accompanying chart outlines $116,813 as the “level to break back in the range.” In other words, if Bitcoin reclaims this zone, it could set the stage for a fresh push toward all-time highs, especially with visible liquidity stacked just above that level.
A further move toward $119,504 would indicate serious strength and possibly attract institutional capital back into the market.
On the upside, such a breakout could also reinvigorate altcoin markets, which have lagged during Bitcoin’s recent uptrend.
Caution Below $113K: More Downsides Possible
While the current structure looks constructive, Van de Poppe warned that a drop below $113,000 would invalidate the bullish setup and possibly lead to new local lows. The key accumulation zone remains between $110,000 and $112,000, which he labeled a “brilliant area to accumulate” should Bitcoin revisit it.
That region has previously acted as a demand zone, offering support during pullbacks. Losing it could accelerate a decline toward deeper levels, including $103,000.
As it stands, Bitcoin’s price action remains within a decisive range. Holding above $113,000 and breaking through $115,000 could redirect momentum back in favor of bulls. If the breakout occurs, it could serve as a green light for altcoins to rally, mirroring previous market cycles where Bitcoin led the charge out of consolidation.
Related: Analysts Highlight Four Altcoins with August Strength
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