Bitcoin Faces $115K Resistance Again as Bulls Eye $117K Amid Mixed ETF and On-Chain Signals
Main Idea
Bitcoin is testing the $115,000 resistance level again, with bulls aiming for $117,000 amidst mixed ETF flows and strong on-chain accumulation.
Key Points
1. Bitcoin is currently trading at $114,219, struggling to close above $115,000 despite multiple attempts.
2. A confirmed breakout above $117,000 is needed to confirm short-term bullish control, while failure to reclaim $115,700 risks a drop toward $107K.
3. The broader market outlook is influenced by macroeconomic expectations, with traders anticipating potential Federal Reserve rate cuts in September.
4. On-chain data shows continued accumulation from large holders, with over 160,000 BTC added to treasuries in the past month.
5. U.S. spot Bitcoin ETFs have recorded four consecutive days of outflows, totaling $196.18 million, indicating mixed institutional sentiment.
Description
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