Bitcoin has recently retested the $116,000 level, suggesting a possible short-term peak or pullback. Analysts are discussing current trends.
Retest of $116K
Bitcoin's price action has recently tapped the $116,000 level again, which might indicate a short-term peak. This level has triggered strong reactions in the past, and although there was a slight pullback after the retest, the price remained above the $111,000 support. The price structure continues to favor bulls with a higher-low pattern.
Miner Activity and Its Significance
Data regarding miner activity reveals that their OTC balances have significantly dropped to 147.5K BTC, one of the lowest levels in recent years. The decline in sellable reserves suggests reduced selling pressure from miners, which in turn decreases the available supply in the market. Historically, this has been a key factor during major bull runs.
Technical Analysis and Predictions
Technical analysts are closely monitoring chart behavior. Bitcoin's attempt to reclaim the $116,000 level aligns with the Daily CME gap. Filling and reclaiming this level could re-establish strong momentum. Other analysts point out that recent weekly candles resemble an inverse head and shoulders. The breakout and retest near $115,000 may act as a springboard for higher targets, although the $124,000 region remains tough resistance.
Bitcoin stands at a critical point following the retest of the $116,000 level, with analysts predicting possible movement into late August while also indicating potential corrections in the following month.
