Bitcoin is currently holding above $118K after breaking its second channel, with futures open interest nearing $100B and RSI targeting levels between $119K and $122.6K.
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Bitcoin has broken out of its second channel, maintaining support above $117K.
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Futures open interest is approaching $100B, indicating strong institutional demand.
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RSI remains neutral at 47, with $119K and $122.6K as the next key resistance levels.
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What is Bitcoin’s Current Price Action?
Bitcoin (BTC) is currently trading above $118,000, having broken out of its second horizontal channel. This breakout suggests renewed upward momentum, supported by strong market participation and trading volume.
How Does Bitcoin’s Futures Market Impact Its Price?
Bitcoin’s futures open interest has been steadily increasing, nearing $100 billion. This growth aligns with Bitcoin’s spot price movements, indicating a strong correlation between derivatives and spot performance. The increase in open interest supports expectations of continued institutional participation.
Frequently Asked Questions
What factors influence Bitcoin’s price?
Bitcoin’s price is influenced by market demand, trading volume, and futures open interest, which reflect institutional interest and liquidity.
How does the RSI affect Bitcoin trading?
The Relative Strength Index (RSI) indicates whether Bitcoin is overbought or oversold. Currently, an RSI of 47 suggests neutral conditions, allowing for potential price growth.
Key Takeaways
- Price Stability: Bitcoin is holding above $118K, indicating strong market support.
- Institutional Demand: Futures open interest nearing $100B suggests increased institutional participation.
- Market Outlook: Continued liquidity and strong on-chain activity support bullish projections.
Conclusion
Bitcoin’s recent breakout above $118K, coupled with increasing futures open interest and neutral RSI readings, positions it for potential further gains. As institutional interest grows, the market remains optimistic about Bitcoin’s future trajectory.
Bitcoin holds above $118K after breaking its second channel as futures open interest nears $100B and RSI targets $119K–$122.6K levels.
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Bitcoin breaks out of the second channel, holding above $118K with support at $117K intact.
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Futures open interest nears $100B, aligning with spot growth and showing strong institutional demand.
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RSI remains neutral at 47, while $119K reclaim and $122.6K resistance are the next key levels.
Bitcoin has broken out of the second horizontal channel, signaling another phase of upward momentum. The price is holding steady above $118,000, showing continued strength after a period of consolidation. Market performance, trading volume, and futures open interest data confirm that liquidity and participation remain supportive for another pump in the near term.
Bitcoin Price Action and Channel Breakout
Bitcoin (BTC) sustained support above $117,000 before pushing beyond $118,000 during intraday activity. The breakout from the second horizontal channel confirmed renewed strength and aligned with Bitcoin’s ongoing uptrend structure.
$BTC/weekly #Bitcoin has broken out of the second horizontal channel.
Get ready for another pump. pic.twitter.com/FxAn8HfiIU
— Trader Tardigrade (@TATrader_Alan) August 16, 2025
Price action recorded intraday highs above $118,500, before consolidating near $118,150 at the close of the session. CoinMarketCap data shows Bitcoin trading at $118,157.60, reflecting a daily gain of 0.27%. Market capitalization stands at $2.35 trillion, while the fully diluted valuation is recorded at $2.48 trillion.
Circulating supply is still at its 19.9 million BTC with 21 million as the maximum supply allowed forcing the Bitcoin approach to scarcity. Trading volume reached $43.99 billion within 24 hours, providing liquidity for continued market activity.
Futures Growth and Market Outlook
Coinglass data confirms that Bitcoin futures open interest has increased steadily, nearing $100 billion by early August. This growth aligns with Bitcoin’s spot price movement above $120,000 during recent sessions, showing stronger alignment between derivatives and spot performance. Open interest has expanded consistently throughout the year, supporting expectations of continued institutional participation.
RSI readings show neutral conditions near 47, leaving room for further growth before entering overbought territory. According to an observation by Lennaert Snyder, Bitcoin bounced from $117,000 support and may test $122,600 resistance in the coming sessions. He added that reclaiming $119,000 could position Bitcoin for a move toward $122,600 highs.
Some of the more macro factors are ETF inflows, the 2025 halving and institutional accumulation that are continuing to back up long-term projections. With the second horizontal channel broken, Bitcoin remains positioned for another pump, supported by liquidity, derivatives growth, and strong on-chain activity.
