Bitcoin Consolidates Near $116K, Echoing Patterns Before Previous Surge to $100K

• Bitcoin consolidates near $116K, mirroring late 2024 price action before the surge to $100K.

• Key resistance sits at $115.5K, with support holding strong around $112K and $108.5K zones.

• On-chain data shows strong holder conviction as 70% of short-term BTC supply remains in profit.

Bitcoin consolidates near $116K, reflecting previous breakout patterns, with key resistance and support levels analyzed for future movements.

What is Bitcoin’s Current Market Structure?

Bitcoin (BTC) is currently trading at $116,618, consolidating after a breakout above a long-standing resistance level. The current price structure mirrors conditions seen just before BTC surged from $70,000 to $100,000 in late 2024, suggesting potential for another leg upward.

How Does Bitcoin’s Price Action Compare to Previous Breakouts?

According to Galaxy’s recent post on X, Bitcoin’s price structure continues to follow a bullish trajectory similar to its 2024 breakout. At that time, BTC had broken a descending triangle and completed an inverse head and shoulders formation, which led to a rapid price move beyond $100,000.

A rising wedge formed in mid-2025 with higher lows and resistance near $120,000. The wedge broke in July, pushing the price briefly to $130,000 before retracing to the current level near $116,600. Bitcoin now consolidates within a key green zone, where former resistance has turned into support.

The $115,500 area is now viewed as immediate resistance, combining the 100-hour SMA and 50% Fibonacci retracement. Current support lies at $112,500, while a drop below $112,000 could lead to a test near $108,500, as identified through TradingView chart analysis.

On-Chain and Institutional Metrics Support Long-Term Strength

Data from Glassnode shows 70% of short-term holders still hold their BTC in profit, suggesting reduced selling pressure. Short-term spent volume has dropped to 45%, moving below neutral thresholds, which points to stronger holding sentiment among recent buyers.

Bitcoin futures premiums have fallen under 7%, showing decreased speculative activity. However, long-term holders maintain profitable positions, according to Glassnode’s latest market report. Institutional interest remains firm, with Strategy holding 628,791 BTC and recently filing a $4.2 billion offering to acquire more.

Fundstrat’s Tom Lee reaffirmed his $250,000 BTC forecast for 2025, while CryptoElites noted, “$140,000 loading,” indicating the next move could be underway. BTC’s current price position closely mirrors the pre-$100K breakout phase seen previously.

Frequently Asked Questions

What are the key resistance and support levels for Bitcoin?

The immediate resistance for Bitcoin is at $115,500, while support levels are identified at $112,500 and $108,500.

How does on-chain data affect Bitcoin’s price?

On-chain data indicates that 70% of short-term holders are in profit, suggesting reduced selling pressure and stronger holding sentiment.

Key Takeaways

• Current Price: Bitcoin is consolidating near $116K, reflecting previous breakout patterns.
• Market Structure: Similar bullish patterns observed before the 2024 breakout.
• On-Chain Metrics: 70% of short-term holders are in profit, indicating strong holder conviction.

Conclusion

Bitcoin’s current consolidation near $116K, supported by strong on-chain metrics and institutional interest, suggests a potential for upward movement. As market dynamics evolve, investors should remain vigilant for key resistance and support levels.