Bitcoin faces a critical test amid optimism, with long-term predictions creating excitement while short-term signals signal caution. Analysts are closely watching key support levels to see where the price goes next.
At the time of writing, BTC is trading at $109,945, with a daily trading volume of $49.27 billion and a total market value of $2.18 trillion. BTC has seen a -2.61% drop over the past 24 hours, stirring discussion across the community about its next potential direction.
Adding fuel to the debate, Crypto News Hunter highlights that Binance founder Changpeng Zhao (CZ) made a bold statement, saying that BTC could reach $1 million within this cycle. His outlook has sparked fresh optimism, even as short-term charts suggest caution.
— Crypto News Hunters
BINANCE FOUNDER CZ SAYS #BITCOIN IS GOING TO $1 MILLION THIS CYCLE
ARE YOU READY?#BTC #CRYPTO #BITCOINNEWS #BULLRUN #CRYPTOCOMMUNITY #ALTCOINS pic.twitter.com/GVEjowwT83
(@CryptoNewsHntrs) August 29, 2025
Popular analyst Captain Faibik noted that at the moment, Bitcoin is trading within a down-channel structure on the 4-hour chart. In his view, the support level at $107,000 is a key level to watch. If BTC maintains a position above this line, a serious bounce could develop, and prices could reach $116,000 by the weekend.
The market is at a crossroads, a bounce from support may regain momentum, or a breakdown may unleash further selling. Until that happens, everyone wants to know whether Bitcoin has what it takes to stabilize and climb back to higher ground by September.
Also Read | Bitcoin Extends 3-Day Rally as Supply Zones and Profit-Taking Shape Cycle
The derivatives market for Bitcoin noted a minor respite as trade flow declined. Volume declined by 3.25% to $80.01 billion, and open interest also declined by 1.67% to $80.27 billion. This decline suggests investors are taking a cautious stance in reaction to recent price action, and waning leverage hints at a temporary decline in speculative activity.
On the other hand, the OI-weighted ratio was at 0.0081%, indicating stable positions in the market during the decline in volume and open interest. This stability signals a balanced derivatives market, with longs and shorts remaining relatively balanced, and volatility contained for the time being.
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