- Bitcoin holds above $113.9K support after rebounding from a sharp intraday low of $113,900.
- Coinbase becomes 10th largest corporate BTC holder with 11,776 BTC, overtaking Tesla.
- Bitcoin daily volume surges 27.21% to $89.2B, signaling increased market participation.
Bitcoin (BTC) continues to trade in a volatile environment, with the price currently hovering around $115,709. This follows an intraday rebound from a low of $113,900, which appears to have established a critical support level. Earlier in the session, BTC dropped from a high of approximately $118,630, marking a 2% daily decline.
The Fair Value Gap (FVG) between $114,000 and $112,000, combined with the Kijun-sen support at $114,608, forms a zone that market participants are closely monitoring. Price action around this area suggests buyer activity has increased, offering short-term stability.
                                                Source: TradingView
Market momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) reflect improving conditions. RSI stands at 56.75, indicating neutral momentum, while MACD shows a bullish crossover, supporting a possible continuation of the recovery.
Rising Volume and Market Sentiment Support Bullish Prospects
Bitcoin’s 24-hour trading volume increased by 27.21%, reaching $89.2 billion. This rise in volume accompanied both the recent sell-off and the swift bounce, suggesting strong market participation and interest near current price levels.
Community sentiment also remains largely positive. According to CoinMarketCap, 82% of the 4.4 million community votes indicate a bullish outlook. This optimism may be partially driven by institutional news. Coinbase recently became the 10th largest corporate holder of Bitcoin, with a portfolio of 11,776 BTC, surpassing Tesla.
Resistance remains firm at the $116,000 to $118,600 range. Traders are watching whether Bitcoin can sustain gains above $116,000 to open the path toward $120,000. Failure to break this zone could lead to renewed pressure and a potential retest of the $113,900 support.
Outlook Hinges on Breakout or Breakdown Scenarios
Market structure currently favors a cautiously bullish stance as long as BTC remains above $113,900. A move below this level could prompt a deeper correction toward $112,000 or even $110,000. Conversely, a confirmed breakout above $116,500 would shift momentum in favor of bulls and signal potential for continued upward movement.
