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- Analysts highlight a key Bitcoin price resistance at $123,230, with potential upside to $130,231 if broken.
- Institutional and spot market flows remain positive, with $260 million in Bitcoin product inflows, strong ETF demand, etc.
Bitcoin price rallied another 3.5% today, shooting past $122,300 level, with analysts predicting a fresh breakout and new all-time highs. The daily trading volume has surged 30% to $80 billion, showing strong bullish sentiment among traders. Furthermore, the BTC futures open interest has jumped 5.86% to $83.75, with 24-hour short liquidations crossing $100 million.
Will Bitcoin Price Rally Continue to New All-Time Highs?
Bitcoin continues to trade within a well-defined ascending channel, currently testing resistance at the $123,230 Fibonacci 1.0 level. A decisive breakout above this level could open the door for a move toward $130,231, as mentioned in our previous story.
On the downside, key support levels remain at $120,806 (Fib 0.786) and $118,903 (Fib 0.618). If Bitcoin price holds above these support levels, it would reinforce the bullish breakout outlook, while a close below could signal a loss of momentum.
Crypto analyst Rekt Capital noted that Bitcoin has successfully filled and reversed from its daily CME gap. However, the move has resulted in the formation of a new daily CME gap in the $117,700 to $119,200 range. This gap also aligns with a newly formed weekly CME gap, adding to its technical significance. It will be interesting to see whether, BTC price comes to fill this gap again.
Popular crypto analyst Michael van de Poppe also expects a pullback in BTC price moving ahead. In his latest message on the X platform, Poppe wrote:
“A wild week is coming up, as the volatility has gone up on all markets, including altcoins. I assume we’ll see $BTC at $120K, and then have a correction in which we’ll see a sharp drop on altcoins”.
BTC Smart Market Flows Suggest Strength
Leading investment platform CoinShares reported that Bitcoin investment products recorded $260 million in inflows last week, marking a recovery after two consecutive weeks of outflows. Short Bitcoin products, meanwhile, saw $4 million in outflows.
On the other hand, inflows into spot Bitcoin ETFs resumed once again with a net inflow of $277 last Friday, August 8. BlackRock iShares Bitcoin Trust (IBIT) saw net inflows of $156 million on Friday, showing renewed investor sentiment.
Spot market data supports the bullish outlook, with the Taker Buy/Sell Ratio rising from a neutral 1.02 on August 10 to 1.14, the highest level since early July. The increase indicates stronger buying pressure, with aggressive buyers outpacing sellers.
On the other hand, big players continue with BTC adoption, moving ahead. El Salvador’s Bitcoin (BTC) office has announced plans to establish a state-run “Bitcoin Bank,” marking the first national financial institution dedicated exclusively to Bitcoin, as reported by CNF. The bank is slated to open in 2025, though exact launch dates have not yet been disclosed.
