With strong resistance between $116,000 and $116,750, Bitcoin (BTC) is trading above $115,000. Following a slight recovery of 4% last week, BTC has been unable to keep on growing. This indecisiveness in prices persists as the institutional demand is brawny, with ample Bitcoin Exchange-Traded Fund (ETF) inflows. Bitcoin ETFs had inflows of a record $2.34 billion every week, the highest inflows since mid-July.
Institutional investors are one of the crucial elements driving the growth of the BTC price. Recent data shows that the inflow to Bitcoin spot ETFs was up to $2.34 billion last week, reflecting the third boost of positive inflows in a row.
Source: SoSo Value
It is an important indicator of a new institutional interest in BTC. If continued inflows persist, BTC could potentially experience a prolonged period of price recovery, but it would likely reach significant levels of resistance.
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BTC is also a strength of demand among corporations. A capital group, Capital B, declared the acquisition of 48 BTC. The company currently stands at 2,249 BTC. Prenetics, a publicly traded healthcare company, also stirred by buying 40.6 BTC.
BTC is also gaining confidence among mid-sized investors. According to CryptoQuant data, Shark wallets (holding 100 to 1,000 BTC) gained almost 1 million BTC since July 2024. The balance in these wallets is 5.9 million BTC. Such a cumulative build trusts in the future of Bitcoin by enhancing market sentiment.
Source: Cryptoquant
One more indicator of confidence is the BTC Scarcity Index on Binance. The index experienced a surprising surge on Sunday, marking the first increase in June. This spike indicates that either a significant amount of BTC was mined and added to the platform or that sell orders decreased substantially. These spikes usually initiate sharp rallies in prices, which occurred in June when BTC had nearly hit $120,000.
Source: Cryptoquant
BTC has a favorable technical prognosis even though it is resisting. The latter just left a downward channel and is currently retesting against a major resistance of between $116,000 and $116,750. The 50-day EMA of $114,411 is providing support, whereas the 200 day EMA of $93,920 is sustaining the bigger rebound. The Relative Strength Index (RSI) is 56, indicating a state of strength but not indicating that it is overbought.
The candlestick watch of BTC presents spinning tops, which shows the uncertainty of the market. Nonetheless, any breakout above $116,750 will take BTC to the second level of resistance at $119,500, $122,200, and $124,500. Failure to support above $114,400 from BTC means that the recent support might be taken down to the $112,000 level and further onward to the $108,250 level.
Source: TradingView
Position traders above $114,500 and having stops below $112,000 are aiming at $119,500. The phase of BTC’s consolidation may mark the last stage preceding the next giant migration for long-term investors. In case the upward trend persists, the value of BTC could peak at $130,000 in the next few months.
Altogether, the Bitcoin market is trading below resistance with solid institutional holding. Although the market suggests a lack of commitment, the technical indicators indicate a possibility of a market breakout in the immediate future. The increasing trust of institutional and retail investors in Bitcoin could subject the digital currency to new heights in the coming years.
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