TL;DR
- Bitcoin rebounds from $107K low, testing $114K as bulls eye a breakout toward $120K.
- Liquidations near $115K fueled sharp upward momentum, clearing resistance and boosting short-term bullish outlook.
- Short-term holders realize losses, but institutional demand suggests the broader trend remains strongly bullish.
Bitcoin Tests $114K Level Again
Bitcoin has recovered in the past week or so after reaching a low near $107,000 earlier this month. That zone marked the end of its measured move, and the price has since pushed back above $114,000, trading close to $115,000.
Analyst Rekt Capital said ,
“Bitcoin is now in contention for a reclaim of the $114k (black) level back into support. Weekly Close above $114k would trigger bullish bias and resynchronisation with the $114k–$120k Range.”
The $114,000 level has acted as resistance in recent weeks. Holding above it on the weekly close would open the way toward the $114,000–$120,000 range.
Rekt Capital noted that Bitcoin “needs to stay above ~$114k as it heads into the new Weekly Close” and should build a cluster around this level, similar to early August.
Trader Ted pointed to $117,200 as the next resistance and wrote ,
“$117,200 is the next important level for Bitcoin and it also has a CME gap. If BTC fully reclaims this level, the doors towards the new ATH will open.”
If the move fails, Bitcoin could revisit recent monthly lows.
Liquidations Drive Short-Term Spike
Glassnode data shows that a wave of short liquidations near $115,000 pushed the latest surge. The liquidations were triggered across exchanges between 9–10 p.m. UTC and matched signals from its Hyperliquid heatmap.
The cascade of liquidations added momentum, helping Bitcoin clear overhead resistance levels and driving volatility higher as the week developed.
Short-Term Holders Realizing Losses
Data from CryptoQuant shows that short-term holders are realizing losses again after four months of steady gains. Analyst G a a h said ,
“This change is significant, as it indicates a momentary loss of confidence on the part of speculators.”
The Spent Output Profit Ratio (SOPR) for short-term holders has dropped below 1. In previous cycles, market peaks formed when short-term holders booked heavy profits, often during periods of extreme greed. This time, those conditions have not appeared, suggesting the rally has been sustained by larger investors.
If Bitcoin holds $114,000 into the weekly close, analysts see scope for continuation toward $120,000 in the near term.
