Bitcoin Surpasses $115K Resistance: Is a Move Toward $118K Possible Amid Mixed On-Chain Signals?

Key Points

1. Bitcoin recently broke above $115K and is currently hovering around $116,377, aiming for $118K.

2. Over 120,000 BTC were acquired between $112K and $114K, indicating opportunistic accumulation.

3. On-chain activity remains inconsistent, with recent figures dropping to 131K and 219K, raising concerns about sustainability.

4. A positive Spot Netflow of $33.25 million was recorded on August 7th, breaking a months-long pattern of outflows, but not all inflows are necessarily bullish.

5. Sustained hold above $115K and stronger user participation are crucial for Bitcoin to move toward $118K and beyond.