Bitcoin showcases strong growth, breaking through key levels. Analysts project further movement towards $120K in the coming weeks.
Bitcoin Reclaims Long-Term Trend
On the two-week chart, Bitcoin has reclaimed its 8-year trendline, which previously acted as a resistance in several cycles. A breakout was recorded in July; however, the price temporarily slipped below the line last month, testing $110,000 before rebounding and closing above $115,000.
Open Interest Analysis
Open interest plummeted sharply during the price increase, indicating that many leveraged positions were closed or liquidated rather than new long positions driving the rally. Therefore, the rise in price alongside falling open interest points to short covering as the main factor.
Technical Indicators Confirm Bullish Sentiment
On the daily chart, Bitcoin is trading near $115,709, with the upper Bollinger Band at $116,200 acting as resistance. If Bitcoin maintains above $115,200, it could open the pathway toward $116,500–$118,000. In contrast, a breakdown below this level may expose $114,000–$112,500.
Traders are observing whether Bitcoin can sustain its position above the long-term trendline and push towards $120,000 in the upcoming weeks.
