$BTC As of early August 2025, Bitcoin hovers in a critical zone between $110K and $116K, caught in a bout of consolidation following its mid‑July peak above $123K (insights.glassnode.com).
1. Low‑Liquidity “Air Gap” & Accumulation Signs
After breaching above $123K in mid‑July, BTC slid into a low‑liquidity “air gap” between roughly $110K and $116K (insights.glassnode.com).
Notably, more than 120,000 BTC might have changed hands during this dip, suggesting strong buy‑the‑dip activity pushing prices back above $114K (insights.glassnode.com).
Still, the resistance near ~$116.9K, representing the cost basis of recent buyers, remains a critical hurdle. A breakout above this level could be a bullish turning point (insights.glassnode.com).
2. ETF & Institutional Flows: Directional Volatility
Recent weeks saw a –1.5K BTC outflow from ETFs—the largest since April—while funding rates on perpetual swaps cooled, signaling waning leverage-driven bullish sentiment (insights.glassnode.com).
On the flip side, AInvest reports that institutional players—including Tether and Coinbase—have acquired around 30,000 BTC, and 120,000 BTC have been acquired across the network, pointing to fresh demand (AInvest).
3. Technical & Macro Tailwinds
Multiple technical indicators are flashing bullish:
A Golden Cross (50-day SMA crossing above 200-day SMA) has appeared, historically signaling early bull runs (Brave New Coin).
Analysts suggest that sustained daily closes above $120K could set the stage for extended rallies; some even point toward $130K as a possible shorter-term technical target (Brave New Coin, icobench.com, AInvest).
Broader macro tailwinds are also on Bitcoin’s side—strong ETF inflows, liquidity expectations, and a softening U.S. dollar all lend support to the bullish thesis (AInvest).
4. Off‑Exchange Sell Pressure & Slowing Demand
CryptoQuant data reveals net BTC inflows to exchanges at their highest level since July 2024, usually a sign of potential selling pressure building up (TradingView).
Regional demand is also cooling: both the Coinbase Premium Index (U.S.) and the Korea Premium Index remain subdued or declining, signaling restrained bullish momentum from retail traders (TradingView).
Verdict: What’s the Likelihood of $120K This Week?
Bottom Line: A short‑term move above $120K is possible—especially if Bitcoin decisively pushes above the $116‑117K resistance zone, aided by continued institutional inflows or a surge in technical momentum.
However, on‑chain signs of slowing demand and rising sell pressure suggest caution: without fresh catalysts, the rally may stall or even reverse.
Stay tuned—if Bitcoin can reclaim and hold above $117K, the door to $120K could quickly open. But failure to do so may see it linger in its consolidation range for the time being.
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