Bitcoin Price Prediction: BTC Hovers at $117,550 as Markets Brace for Breakout Move
Bitcoin is at $117,550, consolidating in a tightening range after hitting a new all time high near $123,000 earlier this week.
Quick overview
- Bitcoin is currently consolidating at $117,550 after reaching an all-time high near $123,000 earlier this week.
- Spot market volume surged by 184% on Binance, indicating strong retail demand despite a temporary pause in price movement.
- The futures market shows bullish signals with Open Interest rising 7.3% to $45.4B and funding rates increasing by 59.5%.
- Bitcoin's price action is tightening within a symmetrical triangle, suggesting potential volatility ahead as it approaches key support and resistance levels.
Bitcoin is at $117,550, consolidating in a tightening range after hitting a new all time high near $123,000 earlier this week. This consolidation is happening with high activity in both spot and futures markets, so institutional and retail demand is still there, just paused short term.
Spot Market Volume Surges with Retail Demand
According to CryptoQuant, spot volume has surged after the rally. Binance led the way, with daily spot volume up 184% from $3.1B to $8.8B. Other top exchanges including Coinbase, Bybit, OKX and Crypto.com saw combined volume go from $5B to $12.7B.
Julio Moreno, Head of Research at CryptoQuant said:
“Binance’s volume remained high after the rally, so retail is still participating even as volume tapered elsewhere.”
This aligns with on-chain data showing that people are still accumulating BTC despite the minor corrections.
Derivatives Metrics Show Bullish Signals
Futures market is also bullish. Data from Glassnode shows that Open Interest (OI) rose 7.3% to $45.4B, well above the high risk threshold of $41.5B. Higher OI means new capital is entering the market, often in the form of longs.
Funding rates went up 59.5% to $4.4M, so people are willing to pay more to stay long. This is a sign of more upside.
Key Market Metrics:
- Spot Volume (Binance): +184% to $8.8B
- Open Interest: +7.3% to $45.4B
- Futures Funding Payments: +59.5% to $4.4M
Bitcoin Price Action is Tightening: Triangle Imminent Move
On the charts, Bitcoin is coiling in a symmetrical triangle between $120,294 and $116,652. Price is below both 50 EMA ($118,380) and 100 EMA ($118,036), a bearish signal short term, especially after multiple failed attempts to hold above.
But the structure is still intact:
- Lower highs from the $122K rejection show weakening upside pressure
- Higher lows show people are buying around $116K* RSI on higher timeframes is flat, so indecision
Above $120,300 could take BTC to $121,793 and potentially $123,000. Below $116,650 could take price to $114,216.
Conclusion
The pause at $117,550 is not weakness, it’s the market building up. With volume up, futures bullish and capital inflows increasing, overall outlook is good. But short term volatility is coming as BTC is in a technical squeeze.
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