Bitcoin (BTC) stabilized around $118,000 after recent volatility, having briefly surged to a record $124,000 earlier in August. Analysts observed BTC following a Wyckoff Accumulation pattern, indicating potential for further gains toward $160,000 if global liquidity trends persist. On-chain data revealed robust support clusters: 73,000 BTC acquired between $117,500–$117,600 and 56,000 BTC at $114,400–$114,600, suggesting strong buyer defense lines.
Technical indicators signaled consolidation, with the Relative Strength Index (RSI) at a neutral 53 and Moving Average Convergence Divergence (MACD) showing mild bullishness but flat momentum. Analysts diverged on short-term risks: Lark Davis projected a possible pullback to $108,000–$112,000—a zone aligning with 50% and 61.8% Fibonacci retracements and the rising 20-week EMA. Michaël van de Poppe anticipated sideways trading, which could trigger altcoin rotation if BTC stabilizes within a range.
CoinDesk data confirmed bullish intraday momentum, with BTC rising 1% to $118,485 on August 17 amid heightened volume near $118,000 support. The market’s trajectory hinges on BTC reclaiming $124,000 resistance or defending key supports amid global M2 money supply growth.