Bitcoin price is consolidating near $112,672, holding key support at $111,300 while traders eye a breakout above $114,500 toward $117,500. Volume shows selling pressure easing, indicating accumulation by large holders and a possible bullish retest if $111,300 holds.
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Bitcoin holds near $112,672 with $111,300 as institutional support, signaling accumulation.
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Traders target a breakout above $114,500 to test $117,500 and potentially $122,000.
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Selling volume cooled after the August decline, suggesting bears are exhausted and bulls may regain control.
Bitcoin price holds near $112,672 with $111,300 support; watch $114,500 breakout for next move. Read latest levels and trade outlook now.
Bitcoin holds firm at $112,672 after heavy losses, with $111,300 support, growing consolidation, and traders preparing for the next breakout.
- Bitcoin is holding steady near $112,672 after a sharp fall, with $111,300 acting as strong support where big players are buying back.
- Traders are eyeing a breakout above $114,500 toward $117,500, while a move beyond $122,000 could spark stronger bullish momentum.
- Selling pressure is cooling as volume steadies, showing bears are exhausted and bulls may soon take control of the market trend.
Bitcoin is at a critical turning point as prices hold steady near $112,672 on Binance after days of heavy losses. Between August 18 and August 22, the leading cryptocurrency fell sharply from $118,000 to $111,300.
This drop broke through multiple supports and fueled bearish sentiment across the market. However, analysts now believe the correction has reached its bottom, with fresh accumulation zones forming.
What is Bitcoin price doing now?
Bitcoin price is consolidating around $112,672 after a sharp decline to $111,300, with volume stabilizing and signs of accumulation by large traders. The market is testing short-term resistance at $114,500; a clear breakout would target $117,500 and potentially $122,000.
How strong is the $111,300 support and why does it matter?
Around $111,300, a purple-shaded institutional support zone has historically been an “add back in” area where large holders increase positions. Analyst Astronomer noted, “Compounds filled. That’s it for the drop. No more lower. Local consolidation, then up.” This aligns with on-chain and exchange orderbook observations showing concentrated buys near this level.
Source: Astronomer
Why could a breakout above $114,500 matter?
Clearing $114,500 would confirm short-term bullish momentum and open a path to the weekly open at $117,500. A sustained move past $117,500 strengthens the technical case for testing the “Silver Pocket” near $122,000. Conversely, failure to hold over $111,300 would refocus attention on lower consolidation bands.
How does volume and sentiment support the outlook?
Volume spiked on the August sell-off then cooled during the rebound, suggesting selling exhaustion. Market sentiment indicators shifted from panic to cautious accumulation. Traders who took profits near $117,300 reportedly re-entered around $111,000, raising the average active entry to roughly $111,300 — a key psychological and institutional level.
Frequently Asked Questions
What short-term levels should traders watch for Bitcoin?
Watch $111,300 as primary support, $114,500 as immediate resistance, and $117,500–$122,000 as the sequence of higher targets if momentum builds.
When might Bitcoin resume a meaningful rally?
If Bitcoin closes sustainably above $114,500 with rising volume, a retest of $117,500 could follow within days to weeks, depending on broader market liquidity.
Key Takeaways
- Support confirmed: $111,300 is acting as institutional buy zone and short-term market floor.
- Resistance chain: $114,500 then $117,500 are the levels to clear for bullish confirmation.
- Volume and sentiment: Cooling selling volume and accumulating bids suggest bears are losing momentum; monitor volume for breakout validation.
Conclusion
Bitcoin price is consolidating near $112,672 with clear support at $111,300 and immediate resistance at $114,500. Market structure and volume point to a possible bullish retest of $117,500 if $114,500 is cleared. Traders should watch volume and orderflow closely and consider institutional support zones when sizing positions. COINOTAG will monitor and update as conditions evolve.
