Bitcoin is holding steady at around $115,000, with no significant price swings in the past 24 hours but still down almost 4% over the past week.
Traders are closely watching the charts as the cryptocurrency faces a crucial resistance zone that could determine its next major move.
Recent data shows signs of strengthening market momentum, with on-chain metrics pointing toward renewed optimism among long-term holders. If Bitcoin can break above its current ceiling, analysts believe a push toward a new all-time high could follow.
On-chain analytics from Glassnode, shared by analyst Ali, reveal that Bitcoin’s MVRV (Market Value to Realized Value) momentum is showing positive signals. This metric measures how current prices compare to the average acquisition price of coins in circulation, and a rising MVRV often indicates growing investor confidence.
The latest trend suggests that market sentiment is improving, potentially signaling the start of a more sustained bullish phase.
Market strategist Michaël van de Poppe notes that Bitcoin has returned to its first major resistance zone, a key level that could serve as a gateway to new price records. He warns, however, that a rejection here would likely send the price back toward the $110,000-$112,000 support range.
Breaking through this resistance wouldn’t guarantee a new ATH, but it would be a strong technical step toward reclaiming bullish dominance.
If Bitcoin successfully clears the current resistance, the next targets could be in the $118,000-$120,000 range. A strong breakout, fueled by increasing spot market demand and continued positive MVRV momentum, could see the asset challenge and potentially surpass its previous record highs before the end of Q3.
If the resistance proves too strong, Bitcoin may experience a retracement toward $112,000 or even $110,000. A drop below these levels could trigger further selling pressure, opening the door to a deeper correction toward the $105,000-$107,000 range.
Traders will be monitoring whether Bitcoin can maintain momentum and avoid sharp pullbacks as it approaches this critical price level. With market sentiment on the upswing but resistance still intact, August could be a decisive month for Bitcoin’s trajectory.
