Bitcoin rose to $ 117,000

Bitcoin BTC $116,507.51 Bitcoin -0.67% Market capitalization $2.32 trillion VOL. 24 hours $1.26 billion broke through the $ 116,000 mark and approached $ 118,000, but conflicting blockchain data and weak network activity signal the fragility of this growth. During the recent recovery, more than 120,000 BTC were purchased in the $ 112,000-$ 114,000 range, indicating an opportunity for accumulation. At the time of writing, the price of BTC was hovering around $ 116,700 after breaking through an important resistance level of $ 115,000. At the same time, long-term investors have recorded a profit of $ 44.5 million over the past 48 hours, indicating that the current trend is not sustainable.

According to Glassnode, the supply of bitcoin in the range of $ 110,000-$ 116,000 remains low, which is why a kind of «air-gap» is being formed, i.e. a zone without reliable price support. To consolidate the growth, denser accumulation and the emergence of «strong hands» at current levels are needed.

After overcoming the resistance of $ 115,000, the next important target for bitcoin is $ 118,327, and a breakout opens the way to $ 122,000. On short timeframes, the price structure looks favorable: a growth base has been formed at higher lows. However, to confirm this movement, a stable trading volume and steady demand from buyers are needed. If there is a lack of support, the growth risks turning into an unsuccessful rally. Keeping the price above $ 115,000 in the near future will be key to maintaining the positive trend.

However, activity in the bitcoin network remains unstable: in recent weeks, there has been a noticeable volatility in the growth of new users and the number of transactions, which have decreased to 131 thousand and 219 thousand, respectively. This indicates a decline in the engagement of network participants, which often accompanies a weakening of the price momentum. Sustainable growth requires a steady increase in network activity, as historically, explosive growth in these indicators has accompanied major rallies.

According to CoinGlass, on August 7, a rare net inflow of $ 33.25 million was recorded on the spot market, which was the first positive netflow after a long period of outflows. This may indicate both new interest in buying and preparations for short-term transactions. However, not all inflows are necessarily a sign of bullishness — some precede the distribution of coins in the market. The next few sessions will show whether this will develop into a sustainable trend.

In general, bitcoin’s return above $ 115,000 reinforces the positive scenario, but mixed signals from the blockchain, weak network activity, and limited capital inflows require caution. For a confident move to $ 118,000 and above, it is necessary to stay above $ 115,000 and observe the growing interest of market participants.