- Bitcoin rebounded from $111K support and consolidated near $114K, bulls eye a break above $115K.
- Short-term price action remains within a descending channel, as macro trend stays bullish.
- Institutional inflows, including a $2.5B buy from Japanâs Convano, add strength to the ongoing accumulation trend.
Bitcoin is trading near $114K after bouncing off a critical support level at $111K. The market structure remains intact, with bulls eyeing a breakout above $115K. Momentum builds ahead of next weekâs price action.
Bulls Regain Control After Bears Exhaust Momentum
IncomeShark on X commented that bears had their 3 days of shouting signalling a three-day pullback. Bitcoin held above the key support zone near $111,000. Price action respected the ascending trendline from April, triggering a rebound. Bitcoin now trades at $114,598, posting a mild 0.80% daily gain
Source: IncomeSharks
The move followed a sharp drop from the $123,000 local high earlier in July. Price consolidated between $118,000 and $123,000 before correcting. Despite this, Bitcoin maintained its macro trend.The higher-low pattern remains consistent, maintaining a bullish trend. Support holds at $112,000, while resistance remains near $120,000 to $123,000.
Source: IncomeSharks
Descending Channel Controls Short-Term Structure
On the 4-hour timeframe,shared by Captain Faibik on X BTC remains inside a descending parallel channel. This structure emerged after the steep rally from sub-$100K levels to $124K.
The upper boundary around $119,500 continues to cap bullish moves. Meanwhile, the lower boundary at $111,000 repeatedly offers support. Bitcoin recently bounced off this support and reclaimed the $114,000 area, with bulls now targeting $115,000 and $117,500.
Institutional Accumulation Signals Confidence
Institutional buying added more fuel to Bitcoinâs recovery. Japanese public firm Convano plans to acquire 21,000 BTC worth $2.5 billion. This marks one of the largest corporate accumulations this quarter. A British-listed company The Smarter Web Co. has raised ÂŁ8.1M to expand its holdings, adding to its existing 2,050âŻBTC.
The move signals growing global corporate interest in Bitcoinâs long-term upside. Additionally, Eric Trump reiterated his bullish stance with another public âbuy the dipsâ call.
