• Bitcoin remains in an ascending channel, capped near $126K with support holding strong around the $116K–$117K zone.

• Analysts project sideways moves until September, where forecasts indicate a strong correction before momentum resumes higher.

• On-chain data shows large wallets continue accumulating Bitcoin, with healthy funding rates and no major sell-offs detected.

Bitcoin trading analysis: Expect sideways action before a potential correction in September. Stay informed and prepared.

What is Bitcoin’s Current Trading Situation?

Bitcoin is currently locked in a tight trading channel between $116K and $126K. Analysts expect this sideways movement to continue until early September, with a strong correction anticipated thereafter.

Why Are Analysts Cautious About September?

Charts indicate that Bitcoin’s price has been capped around $126K while the $116K–$117K support zone remains strong. Analysts caution that a correction could reshape market momentum as September approaches.

Frequently Asked Questions

What are the key levels to watch for Bitcoin?

Key levels to monitor include the resistance at $126K and support around $116K. Traders are focusing on these zones for potential short setups and buying opportunities.

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

On-chain metrics show that large wallets are accumulating Bitcoin, indicating strong demand. This data can influence market sentiment and price movements significantly.

Key Takeaways

• Sideways Action Expected: Bitcoin is likely to trade within a narrow range until September.
• Potential Correction Ahead: Analysts warn of a possible price drop in September.
• On-Chain Accumulation: Large wallets continue to buy Bitcoin, indicating bullish sentiment.

Conclusion

In summary, Bitcoin’s current trading situation is characterized by a tight range between $116K and $126K, with analysts anticipating a correction in September. As on-chain data shows continued accumulation, traders should remain vigilant and prepared for potential market shifts.