Bitcoin May Hold $113K Higher Low, Reclaiming $116,700 Could Lead Toward $121K

• Bitcoin eyes $121K if $113K higher low holds and $116,700 is reclaimed.

• Derivatives data shows falling volume but rising open interest amid heightened volatility.

• Powell’s Jackson Hole speech sparked a near-4% BTC rally, liquidating roughly $379.88M in shorts.

Bitcoin higher low near $113K supports recovery; reclaiming $116,700 could drive BTC to $121K. Read technical analysis, derivatives data, and trader commentary for actionable insight.

What is Bitcoin’s current technical outlook?

Bitcoin higher low formation around $113,000 is a key short-term support level. Price action shows rebounds from $112,666 and rejection near $118,000, with analysts noting that reclaiming $116,700 would likely restore bullish momentum toward $121,000 and higher targets.

How could a higher low at $113,000 affect BTC price action?

A sustained higher low at $113,000 would signal improving demand and a potential trend shift. Short-term targets include $116,700, then $119,600 and $124,400. Extended projections from market analysts place upside scenarios near $126,000 to $130,000 if momentum continues.

Bitcoin holds $113K support as analysts eye a higher low, with $116,700 seen as the key level toward $121K and beyond.

• Bitcoin eyes $121K if $113K higher low holds and $116,700 is reclaimed.
• Derivatives data shows falling volume but rising open interest amid volatility.
• Powell’s speech sparked a 4% BTC rally, liquidating $379M in shorts.

Bitcoin (BTC) traded between $112,666 and $115,261 during the observed period, maintaining consistent lower highs and lower lows. Price rebounded from the $112,666 support level before rejection near the $118,000 value area. Analysts observed pressure on buyers but pointed out that a higher low could be forming near the $113,000 zone. If this structure holds, reclaiming $116,700 may bring renewed momentum and open paths toward higher targets.

How is the technical structure shaping near-term momentum?

The 4-hour chart showed steady downward sequences with short rebounds after each major low. Technical commentary from market analysts, including Crow, suggests that a confirmed higher low and a reclaim of $116,700 could set the stage for a move to $121,000 and extended targets near $126,000.

Support remained concentrated around the $112,000 to $113,000 range, reinforcing its importance as a base. The derivatives market recorded $50.50 billion in trading volume, showing a 32.77% decrease. Open interest increased 1.11% to $84.35 billion, while options volume dropped 59.76% to $1.77 billion. Liquidation data from Coinglass confirmed more long positions were cleared across different timeframes, reflecting heightened volatility in the market.

Why did Bitcoin spike after Powell’s speech?

Federal Reserve Chair Jerome Powell’s Jackson Hole remarks increased market uncertainty and volatility. Bitcoin surged nearly 4% after trading below $112,000, climbing above $116,000 and reaching $117,416 before settling near $116,908. Coinglass data shows approximately $379.88 million in short liquidations during this move.

Market strategist Michael van de Poppe commented, “A small sweep took place and an immediate massive move upward on Bitcoin. Uptrend is back.” Analyst views converge on the idea that the structural higher low and reclaim of $116,700 would materially improve technical outlook.

How likely is a recovery to $119K–$124K?

If Bitcoin holds $113,000 and reclaims $116,700, short-term targets of $119,600 and $124,400 become the most probable resistance levels to test. Continued rising open interest despite lower volume suggests positional build-up among derivatives traders, which can amplify directional moves when volatility returns.

Frequently Asked Questions

What is a higher low and why does it matter for Bitcoin?

A higher low occurs when price retraces to a level above the previous low, indicating buyers are stepping in earlier. For Bitcoin, a higher low near $113,000 would suggest improving demand and increase the probability of a sustained rally toward $121,000.

How did derivatives and liquidations affect the recent BTC move?

Derivatives volume fell ~32.77% to $50.50B, while open interest rose 1.11% to $84.35B. The Powell-driven rally caused about $379.88M in short liquidations, which intensified the upward move and shifted short-term positioning.

When should traders consider $116,700 as a confirmation level?

Traders typically view a clear reclaim and hold above $116,700 on higher-timeframe charts as confirmation. That level would indicate momentum is returning and open targets toward $119,600 and $124,400.

Key Takeaways

• Support at $113K: Short-term base; a higher low here improves bullish odds.
• $116,700 is pivotal: Reclaiming and holding this level would likely restore upward momentum.
• Derivatives signal caution: Falling volume with rising open interest can amplify moves; monitor liquidation risk.

Conclusion

Bitcoin’s price action shows a potential higher low forming near $113,000 that could pivot markets if BTC reclaims $116,700. Derivatives metrics and trader commentary support a constructive scenario toward $121,000, but volatility remains elevated. COINOTAG will continue monitoring price structure and market data for updates.