$BTC navigates around $116 K after technical adjustment— is a new upward push coming?**
Current price and technical structure
Bitcoin is trading at approximately $116,029 USD, with recent fluctuations between $114,703 and $117,046. Despite the slight correction, it remains within its medium-term upward channel, consolidating above key support.
Key factors
Bitcoin ETFs saw massive inflows: $1.18 B was recorded in a single day, driving the rally to new highs.
In July, total inflows of up to $3.4 B were recorded towards Bitcoin ETFs, including $2.2 B in just two days—a historic record.
Institutional demand is also reflected in the record $57.4 B in open interest in Bitcoin futures, showing long-term participation.
Technical level of the day
Key support: $115,000–$116,000 (intraday lows and base of the channel)
Immediate resistance: $117,000–$117,500 (recent high point)
Critical zone: staying above $116K allows for new tests of $118–$120K; losing it could open a reversal towards $112–$114K.
Institutional / macro outlook
The institutional narrative is strengthening: the rally is backed by solid flows and less speculative volatility (moderate RSI and funding rates). This points to a trend with more foundation than in previous cycles.
Do you think $BTC will bounce back to $120K or will we see prolonged consolidation? Comment your perspective below 👇
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