Bitcoin continues its rise, reaching $113K after a correction in late August. Analysts highlight key resistance and support levels.
Bitcoin Holds Near $113K
Bitcoin surged past $112,000 and is currently priced at $112,400 with a daily trading volume of $42 billion. This movement marks a 2% gain over the past 24 hours and a 1% increase over the past week. The recovery follows a dip to around $107,000 and analysts note resistance levels between $114.7K and $116.8K that need to be broken for further upward momentum.
Analysts Confirm Breakout
Analyst Rekt Capital pointed out Bitcoin's move above a descending trendline that had capped its price since mid-August. He commented, 'Bitcoin has technically fully confirmed its breakout. A Daily Close and/or retest of the ~$113k region would ensure additional trend continuation to the upside.' Holding above $113K could push BTC towards $116K in the short term and revisit $124K.
Netflows Signal Accumulation
On-chain data indicates that more BTC is leaving exchanges than entering, suggesting accumulation. In late August, outflows peaked near -30K BTC as the price dipped to $108K. This trend has supported the rise to $113K, with reduced selling pressure due to fewer BTC available on exchanges.
Bitcoin is in consolidation just below the resistance of $113K. Should this level hold, it would indicate potential for further gains, especially if $116K is cleared. Otherwise, focus may shift to the $102K support zone.
