cr

Current Status

• Bitcoin reached ATH of $124,474 (Aug 11), now consolidating at $117,735

• Market cap stands at $2.34 trillion with 52.70% dominance

• 24-hour trading volume peaked at $68.73 billion

• The breakthrough above $120K represents a key psychological milestone

Key Drivers

• Institutional demand: ETFs absorbed $1.2 billion in weekly inflows, with spot ETFs attracting $773 million in three days

• On-chain strength: 7% increase in active addresses and 12,000 BTC moving from exchanges to private wallets

• Institutional accumulation: Strategy (formerly MicroStrategy) expanded holdings to 607,770 BTC

• Regulatory tailwinds providing additional confidence among investors

Trading Outlook

• Technical picture: MACD remains bullish while RSI approaches overbought territory

• Support/Resistance: $120K now serves as critical support; $124,474 as immediate resistance

• Mixed leveraged positions suggest uncertainty despite strong fund inflows

• Strategic opportunities in $115-117K range for long positions

• Fear & Greed Index at 76 signals strong optimism but approaching extreme levels

Market Sentiment

• Binance Square community leans cautiously bullish (54.22%) versus bearish (45.78%)

• Bullish narratives focus on ecosystem growth and ETF-driven adoption

• Bearish concerns include potential whale selling and regulatory unpredictability

• Retail re-entry evidenced by surge in active addresses

• Some traders anticipating possible $10-15K correction if profit-taking accelerates