Bitcoin Holds Above $113,900 Amid Bullish Signals as Coinbase Surpasses Tesla in BTC Holdings

• Bitcoin rebounds from $113,900 low with MACD and RSI indicating recovering bullish momentum.

• BTC maintains $115K support after a 2% dip, with the $112K trendline critical for sustaining the broader uptrend.

• Coinbase now holds 11,776 BTC, overtaking Tesla as the 10th largest corporate Bitcoin holder, reflecting growing institutional adoption.

Bitcoin holds key support above $113,900 with bullish momentum; Coinbase surpasses Tesla in BTC holdings. Stay informed with COINOTAG’s latest crypto insights.

Bitcoin Consolidates in a Tight Range as Bulls Target Higher Levels

Bitcoin is trading within a defined range between $113,900 and $118,000, showing medium-term strength despite short-term volatility. After reaching an intraday high near $118,630, BTC faced selling pressure but quickly recovered above $115,500, supported by increased buying interest. The $112,000–$113,000 zone, once resistance, now serves as crucial support, aligned with a trendline dating back to mid-April. This level is pivotal for determining whether the bullish momentum continues or if a deeper correction toward $104,000–$108,000 unfolds.

What Do Technical Indicators Reveal About Bitcoin’s Momentum?

Technical analysis on Bitstamp’s 5-minute chart shows momentum indicators signaling a recovery. The RSI rose to 56.75 after briefly nearing oversold territory, indicating a shift toward neutral-to-bullish conditions with potential for further gains. The MACD experienced a positive crossover, with the MACD line surpassing the signal line and the histogram turning positive at 4, suggesting weakening selling pressure. Volume spikes during both the dip and rebound confirm active market participation. According to COINOTAG’s analysis, these indicators collectively point to a rebuilding bullish momentum.

                                              Source: TradingView

How Does Market Sentiment Reflect Bitcoin’s Current State?

Despite a 2% decline over 24 hours, market sentiment remains optimistic. Community polls indicate that 82% of participants maintain a bullish outlook. Institutional confidence is further evidenced by Coinbase’s recent acquisition of 11,776 BTC, elevating it to the 10th largest corporate Bitcoin holder, ahead of Tesla. This milestone underscores growing institutional adoption and trust in Bitcoin’s long-term value. Daily trading volume surged 27.21% to $89.2 billion, highlighting heightened activity amid price fluctuations. A sustained move above $116,000 would reinforce bullish control, while failure to hold current support levels could prompt retests of $113,900 and $112,000.

Frequently Asked Questions

What does Bitcoin’s current trading range indicate about market direction?

Bitcoin’s consolidation between $113,900 and $118,000 reflects cautious optimism, with key support levels holding firm. This range suggests a potential buildup before a decisive move higher or lower.

Why is Coinbase’s Bitcoin holding important for investors?

Coinbase’s increased BTC holdings demonstrate strong institutional trust, which can positively influence market sentiment and encourage further adoption among investors.

Key Takeaways

• Bitcoin maintains critical support: Holding above $113,900 is essential for sustaining bullish momentum.
• Technical indicators signal recovery: MACD crossover and RSI levels suggest increasing buyer interest.
• Institutional confidence grows: Coinbase surpassing Tesla in BTC holdings highlights strong market trust.

Conclusion

Bitcoin’s ability to hold above $113,900 amid fluctuating momentum reflects a cautiously optimistic market outlook. The positive signals from technical indicators and Coinbase’s growing BTC holdings underscore increasing institutional confidence. Monitoring key support levels will be crucial as traders anticipate potential upward moves. COINOTAG will continue to provide timely updates on Bitcoin’s evolving market dynamics.

Bitcoin holds above $113900 with bullish momentum signals as Coinbase surpasses Tesla in BTC holdings.

• Bitcoin rebounds from $113,900 low as MACD and RSI signal recovering bullish momentum
• BTC holds $115K support after 2% dip with $112K trendline key to broader uptrend
• Coinbase now holds 11,776 BTC becoming 10th largest corporate holder ahead of Tesla

The price action of Bitcoin was weak on the part of the near term and strong on the part of the medium term as the asset moved to a range at around $115,709.23. The volatility of the day caused dips and recoveries, and the technical and sentiment indicators showed a cautious positive bias.

Tight Range Holds as Bulls Aim to Retest Upper Levels

We can see that Bitcoin is in medium trading since the price fluctuates between 113,900 and 118,000. Following the intraday high of ~$118,630, the BTC gained selling pressure and plunged to a low of ~$113,900, but it regained its strength. It found its way above $115,500 due to a short-term bullish trend and a rise in demand to buy.

The $112,000–$113,000 zone, previously a resistance area, now acts as a critical support. A dotted trendline originating in mid-April aligns with this level. Market participants are closely watching this region for either a rebound continuation or a breakdown that could extend losses. A failure to maintain support could open a path to the $104,000–$108,000 range.

Technical Indicators Suggest Momentum Rebuilding

On the 5-minute chart from Bitstamp, momentum indicators reflected recovering buyer interest. The RSI climbed to 56.75 after briefly dipping near oversold levels during the earlier sell-off. This reading signals neutral to bullish conditions with more room for an upside move.

                                              Source: TradingView

The MACD indicator was at a positive crossover. The MACD line crossed above the signal line, and the histogram became positive and rose to 4. These activities indicate that bearishness has been alleviated and that selling pressure is becoming weak. The volume exhibited fluctuations during the fall and the subsequent recovery, with the spikes being registered in both.

A tweet by Alpha Crypto Signal also noted a bullish retest underway, referencing the channel breakout level. According to the tweet, the trend remains intact as long as Bitcoin stays above the support region.

Market Sentiment Remains Optimistic Despite Pullback

Despite a 2% decline in 24-hour performance, sentiment remains largely positive. Community polls show that 82% of respondents are bullish. Meanwhile, Coinbase was recently reported to have become the 10th largest corporate holder of Bitcoin, acquiring 11,776 BTC. This move places it ahead of Tesla in terms of holdings and reflects continued institutional confidence.

Volume on the day surged 27.21% to $89.2 billion, coinciding with the volatility seen during the sell-off and bounce. Reclaiming levels above $116,000 would confirm bullish control in the short term. However, failure to do so could lead to another test of the $113,900–$114,500 area and possibly $112,000.