Bitcoin’s push toward record highs has stalled, as sellers regain control amid growing profit-taking pressure despite signs of renewed market momentum. After reaching $122,232 on August 11, Bitcoin’s price pulled back to $118,782 at press time, falling about 3% in the last 24 hours. This decline followed a brief recovery from the $112,000 level that had brought BTC close to its all-time high before sellers stepped back in.
Glassnode: Bitcoin momentum rebounds, but risks persist
According to Glassnode’s analysis on August 11, market momentum is improving, but the risk of profit-taking is increasing. In the spot market, the relative strength index (RSI) rose from 41.5 to 47.5, bouncing back from oversold levels.
The spot cumulative volume delta moved from heavy selling to near-neutral territory, while spot trading volume dropped 22% to $5.7 billion, indicating that the recent rebound has yet to attract widespread participation.
In the derivatives market, futures open interest decreased to $44.1 billion. Long-side funding rates remain elevated but have slightly declined compared to last week. Perpetual cumulative volume delta improved to -$0.2 billion, showing more aggressive buying activity.
Options open interest grew by 6.7% to $42.4 billion, while the volatility spread sharply contracted to 10.45%, near its lower band—suggesting traders may be underestimating potential volatility. The 25-delta skew eased but stayed above its high band, reflecting ongoing demand for downside protection.
Exchange-traded fund (ETF) flows also showed improvement, with outflows reducing by more than half, although trading volumes fell 27.7% to $13.7 billion. The ETF MVRV rose to 2.43, indicating that funds hold significant unrealized gains, which could prompt selling pressure.
Glassnode concluded that the market has shifted from seller exhaustion to a strong rebound near recent highs. However, it cautioned that with 94.1% of supply currently in profit and a realized profit/loss ratio of 1.9, the elevated profitability could lead to swift profit-taking and a reversal in sentiment.
Bitcoin technical analysis
Bitcoin’s daily chart reveals the price pulling back from the upper Bollinger Band after testing resistance near $122,000. Momentum and MACD indicators signal a buy, suggesting underlying support, while the RSI sits at 58—neutral but leaning toward bullish.
All short-term moving averages (10, 20, 30, and 50-day) remain above $116,000 and maintain a bullish alignment, reinforcing the $116,000–$117,000 zone as key support. A close above $122,500 could open the path to new highs, whereas a drop below this support range may push Bitcoin back toward the $112,000 level.
