Bitcoin bulls are challenging the $115,000 price barrier as markets navigate contrasting institutional signals and robust on-chain accumulation patterns. The cryptocurrency currently trades at $114,219, facing persistent resistance at the $115,000 threshold despite repeated testing this week.
Technical analysts indicate a decisive breakout above $117,000 is required to confirm bullish momentum. Failure to reclaim the $115,700 support level risks triggering a correction toward $107,000, according to market technicians monitoring the price action.
Macroeconomic influences are significantly shaping market sentiment, with traders increasingly positioning for potential Federal Reserve interest rate cuts expected as early as September. This anticipation creates a complex backdrop for Bitcoin’s price trajectory amid shifting traditional market conditions.
On-chain data reveals substantial accumulation activity from major holders, with institutional treasuries adding over 160,000 BTC during the past month alone. This sustained accumulation trend highlights continued institutional confidence in Bitcoin’s long-term value proposition as large entities build positions.
Contradicting this accumulation, U.S. spot Bitcoin ETFs have registered four consecutive days of outflows totaling $196.18 million. These substantial withdrawals underscore mixed institutional sentiment in shorter-term trading instruments as Bitcoin struggles to break above critical resistance levels.