About $536 million was vaporized in the crypto world in just one day, with $111 million linked to Bitcoin. This shows how risky testing resistance levels can be.
So here’s the big question: will Bitcoin smash through the 123k barrier this week? It’s not just about what’s in the news. Breaking the $123,000 mark would push Bitcoin to new heights. This could change the game for traders.
Right now, Bitcoin’s price has been swinging. It moved between $114,386 and $124,457 recently. Prices now hover around $115,451 to $117,000. A dip to $114,386 caused a huge $300 million in losses, according to CryptoQuant. CoinGlass puts the overall losses at about $536 million.
The on-chain data gives us some hints. Binance’s trading volume went over $6 billion, thanks to big players, not everyday traders. And, fewer big investors are moving their Bitcoin to exchanges. This can mean good news for Bitcoin’s price.
I’m blending my own insights with Bitcoin’s charts and the big picture. This way, readers like you, who trade on their own or just want to understand, can make informed decisions. I look at sources like CryptoQuant, TradingView, and CoinGlass. Plus, insights from analysts and company moves in the crypto space.
Key Takeaways
- Short-term pivot: $123,000 is a crucial mark. Breaking it could mean a big move.
- Recent range: BTC’s price has been between roughly $114k and $124k. Watch out for sudden sales.
- Volume signals: Big trades on Binance hint at major players getting involved.
- Risk note: A look at the big sell-offs shows the dangers around resistance levels.
- Approach: Use on-chain data and good old chart analysis to guide your trading.
Current Bitcoin Market Overview
I watch the market every day to understand its movement. After hitting a high near $124,457, prices fell to the $114,386–$115,451 range. This drop shows how fragile the market is and matches other cryptocurrency analyses.
There were quick price jumps followed by fast drops, leading to big liquidations. These ranged from about $300M to $535.89M, with $111M in Bitcoin. Prices then struggled between $116K and $118K, showing uncertainty. This suggests a tight market, with $123K as a tough ceiling unless prices move past $117.5K–$118.8K.
Recent Price Trends
Last week’s performance saw a 5.4% decrease, as reported by CoinGlass. This drop followed a surge to new highs. On the charts, small candles point to a standoff between buyers and sellers.
Price rallies didn’t last long, and sell-offs made things worse. Those keeping an eye on bitcoin’s 2021 predictions see familiar patterns. A recovery must overcome key resistance spots with conviction.
Trading Volume Analysis
Binance’s spot trading volume shot past $6 billion on August 18. This shows big players might be getting involved. The total Bitcoin volume was around $56.86B, with the whole crypto market at about $177.4B.
Tracking whale activity is important. Binance saw whale deposits decrease from $6.4B to $5B, possibly easing sell-offs. Rising volumes during price drops suggest buyers are stepping in, but overall market volatility remains high.
| Metric | Recent Value | Implication |
|---|---|---|
| All-time high | $124,457 | Suggests peak liquidity and profit-taking zone |
| Correction range | $114,386–$115,451 | Shows support tested across exchanges |
| 24h liquidations | $300M–$535.89M | Highlights forced exits and heightened risk |
| Binance spot spike | >$6B (Aug 18) | Often tied to institutional accumulation |
| Daily BTC volume | ~$56.86B | Elevated activity with mixed directional bias |
| Whale-to-exchange flow | Down to $5B | Potentially lower selling pressure from large holders |
I keep a close eye on crypto trends to see how they connect. People wonder if Bitcoin will break the 123k barrier soon. Our goal here is to provide price and volume insights, helping you make your own decisions.
Key Technical Indicators
I always watch the price and indicators closely when analyzing BTC. There’s some indecision shown on the charts now. The fight over prices between $116,000 and $118,800 has been ongoing for days.
Moving Averages and Their Significance
Short-term moving averages are starting to level off after showing a decline. The 50-period SMA hovers around $117,462, creating resistance. The market looks undecided when prices stay above $116,000.
Not being able to get past $118,047–$118,800 means it’s tough to hit $120K–$123K. A drop below $116,078 might lead prices to fall to $114,650 or $112,680. Moving averages guide us but they’re not always right; a flat trend makes me doubt an immediate jump above 123K without solid volume backing it up.
Relative Strength Index (RSI) Evaluation
The RSI shows different things depending on the timeframe. On longer ones, it’s around 51, signaling a recovery from being oversold. On the flip side, CoinGlass places it near 31 on shorter ones, meaning it’s considered oversold.
Looking at Bollinger Bands, BTC occasionally dips below the middle line and stays low, lining up with weak RSI periods. The mixed RSI signals show that the market’s drive is not strong.
Noticing a stable RSI above 60, along with more trading volume, might change things. But right now, the market’s future seems uncertain, and prices might drop to around $112K again.
Historical Resistance Levels
I follow price trends like I check the weather before a trip. Past highs and lows guide trader actions. This historical insight helps us understand current bitcoin resistance levels and make realistic forecasts.
Recently, $118.8K was a crucial point. Falling below it caused over $81M in long liquidations. This highlights how significant moves near key levels can impact the market. This event is key in my analysis of historical resistance.
The all-time high was around $124,457 not long ago. This created a key range between $123K and $127K. Reaching levels just below $119K has in the past led to retests of this higher range. This is a common pattern when trading volume supports it.
I look for repeatable patterns in past price movements. Narrowing formations and long consolidations usually signal big price moves. Trading volume often plays a critical role, echoing what CryptoNews has observed in their reports.
Analysis of Past Resistance Points
Spikes in trading volume often showed sellers losing grip. For instance, when Binance’s trading volume went up as prices dipped below $115K, prices often recovered. This matches CryptoQuant data, suggesting that buying pressure can offset selling.
Whale transactions give us another perspective. When whale-to-exchange flow decreased significantly, selling pressure lessened leading to smoother price recoveries. Tracking how big players move their stakes helps understand resistance levels better.
Bitcoin’s Response to Similar Levels
How BTC reacts around $118K–$123K is greatly influenced by big investors and major news. When big investors get involved, resistance levels often weaken leading to potential price jumps. But, negative news can make these levels more resilient.
The big question is whether bitcoin will surpass the 123k resistance soon. The outcome depends on the dynamics of market demand, whale activity, and major news. A surge in market buying and low whale outflows could mean a test instead of a setback.
| Metric | Past Signal | Implication |
|---|---|---|
| Pivot at $118.8K | Triggered $81M long liquidations | High sensitivity near pivot; volatile moves likely |
| ATH ~$124,457 | Created $123K–$127K psychological band | Strong resistance zone; needs volume to clear |
| Spot volume spikes | Stabilized price on dips below $115K | Spot buying can precede reversals |
| Whale-to-exchange flow | Drop from $6.4B to $5B | Lower selling pressure; supports rebounds |
Factors Influencing Bitcoin’s Price
I keep an eye on market trends to identify true signals within the noise. The mix of how traders act, the flow of bitcoin on the network, and big economic changes guide short-term predictions. In my analysis, I consider everything from sudden sells, big buyers, and important economic events.
Market Sentiment
This week showed us two sides of the bitcoin market. About $567 million got sold off quickly, and many traders paid more to keep their bets open. This suggests they think the price might go down soon.
On the other hand, some big players are still buying more bitcoin. Companies like MicroStrategy are investing heavily, and some funds aim to own a set percentage of all bitcoins. This supports the price over time.
Trading on Binance increased, and fewer large bitcoin transactions were made. This hints at big investors buying more. But, regular traders are nervous, especially with warnings about tough times ahead.
This situation is like a battle. Short-term traders and regular folks react to news and sudden market changes. But, big investors keep adding to their stakes quietly over time.
Economic Indicators
Big economic events influence how risky bitcoin feels. Everyone is paying attention to what Jerome Powell might say at Jackson Hole. Most think there won’t be a rate cut in September, making people watch for any hint of stricter policies.
With inflation going up and jobs being hard to find, the market looks tense. The total value of all cryptocurrencies dropped to about $3.97 trillion. People are becoming more cautious, leading to fewer trades.
In trading decisions, big economic trends and what the central bank says are very important. A tough stance from the Fed or bad economic news can push the bitcoin price down. But if the news is better than expected, the mood could quickly change.
Everyone wants to know if bitcoin can go above $123,000 soon. This question hangs on market trends, big bitcoin purchases, and upcoming economic news.
Predictions for This Week
I check market talk and data every morning. Short-term changes often depend on big news or a rise in trading. I aim to show what might happen, blend expert predictions, and share insights on market mood. This way, you can trade crypto smartly.
The Titan of Crypto and CryptoQuant see bitcoin hitting $130,000 if it stays on its path. CryptoNews outlines steps for bitcoin to reach higher levels, with key marks at $118,047, $120,374, and then $123,777. But, they also warn that falling below $116,078 can drop it to $114,650 or even $112,680. CoinGlass adds that failing to hit $117.5K could lead to a drop to $112K, whereas rising above $118.8K could push it to between $123K and $127K.
Bullish vs. bearish sentiments
Bulls point to big buyers holding a lot. The buy-up by MicroStrategy and Amdax’s plans stabilize supply. Fewer big sellers and more buying are good signs for bitcoin’s rise, giving traders clues for when to jump in.
The bears have their say, too. They’re spooked by big sell-offs, weary market signs, and uncertain trends. They look at shaky market data and worry about tough times ahead, especially with upcoming economic updates.
I think breaking 123K soon is possible but uncertain. For a sure win, the market needs more buyers, positive news, and clear signs from trading data. If not, prices might just swing without clear direction.
Remember the bitcoin stories from 2021? History often repeats itself. Quick moves beat slow predictions. So manage your risk wisely and build your positions carefully, using up-to-date trading signals and avoiding hasty decisions.
Graphical Analysis
I checked out the bitcoin price chart from last month. It showed an all-time high near $124,457. Then, there was a sharp drop into the $114K–$115K range. After that, prices moved in a narrow band from $116K–$118K. A narrowing wedge was clear on the daily candles.
My notes on the indicators are straightforward. The RSI moved from almost oversold to neutral. The MACD stopped dropping. Bollinger Bands showed prices slipping below the middle line during the price drop. CoinGlass confirmed these patterns.
Price Chart for the Last Month
The chart showed important volume and price movements. On Aug 18, a spike in Binance spot volume went over $6B. This matched a big sell-off. Daily volumes changed a lot; some days saw a big jump in volume.
Some candles stood out because of big news. Comments from Jackson Hole and changes in what the Fed might do matched up with big price moves. These candles showed sudden changes in trading.
Significant Price Movements Explained
The surge to $124.4K ended with people taking profits and getting liquidated. CoinGlass saw about $81M in long positions liquidated when support at $118.8K broke. This drop led to a buying zone between $114K–$115K.
CryptoQuant noticed big buys on Binance during the drop, suggesting accumulation. Less whale activity meant fewer sellers at those prices.
In sum, these chart events tell the story of big price movements. I link volume peaks to specific candles to explain without overdoing it. This makes a clear case for more bitcoin analysis. It also helps readers wondering if bitcoin will pass the 123k resistance this week.
| Feature | Observed Value | Implication |
|---|---|---|
| All-time high | $124,457 | Immediate profit-taking risk at this level |
| Recent low band | $114,386–$115,451 | Accumulation zone with spot inflows on Binance |
| Consolidation zone | $116K–$118K | Support-resistance battle; wedge forming |
| RSI | Near-oversold to neutral (multi-timeframe) | Momentum reset, crossover watch advised |
| MACD | Flattening after bearish phase | Trend momentum weakening; watch for hist change |
| Bollinger Bands | Price crossed below mid-band during dip | Volatility compression, potential breakout setup |
| Volume signals | Spike > $6B on Binance (Aug 18) | High conviction move with large participation |
| Liquidations | $81M long liquidations at $118.8K | Forced selling amplified the pullback |
| Macro drivers | Jackson Hole, Fed commentary | News-aligned volatility and directional shifts |
| Reader question relevance | Will Bitcoin Break 123K? | Chart patterns and volume set the stage; watch wedge breakout |
Tools for Tracking Price Movements
I have a simple toolkit for tracking prices. It uses charts, on-chain data, and order-books. This helps me find good trading signals in crypto.
Recommended Cryptocurrency Tracking Apps
TradingView is where I go for charts and trading tips. It helps me find trading setups using SMA, MACD, and RSI.
CoinGecko and CoinMarketCap are great for quick price checks and market info. For detailed data, I use Binance and Coinbase Pro.
I use CryptoQuant and CoinGlass to track big trades and watch the market. They show important info like trade flows and possible big price moves.
Technical Analysis Tools
I use a variety of tools to check market trends. For instance, I watch the 50-period SMA because it’s a key marker.
Volume data from Binance helps me trust market moves. A big increase in trading volume shows a strong market move.
I mix on-chain data and chart analysis before making a move. This strategy helps confirm when it’s a good time to trade.
- Checklist: confirm price closes above resistance, check volume profile, verify low exchange inflows, look for supportive crypto trading signals.
- Risk control: use order-book context on Binance or Coinbase Pro to size positions and set stop levels.
- Cross-check: use CoinGecko/CoinMarketCap for macro snapshots and CryptoQuant for flow-based alerts.
| Tool | Primary Use | Practical Tip |
|---|---|---|
| TradingView | Charting, custom indicators | Save templates with SMA, MACD, RSI across 1H–1D |
| Binance / Coinbase Pro | Order book, spot volume | Watch spot spikes to confirm breakout strength |
| CryptoQuant | On-chain flows, exchange inflows | Flag large transfers before major moves |
| CoinGecko / CoinMarketCap | Market caps, supply, quick snapshots | Use for cross-checking price discrepancies |
| CoinGlass | Liquidation heat maps | Identify forced exits that amplify momentum |
I never rely on just one indicator to make decisions. These tools provide the info needed to assess if Bitcoin will break the 123k resistance. They help you find and confirm good trades before you invest.
Expert Opinions
I watch market discussions closely and see a divide among experts. Some see signs of growth due to stable on-chain activities and big buys. Yet, others fear bigger economic risks and quick selling might slow progress.
I’m here to share insights from market experts and my own analysis.
Insights from leading analysts
- CryptoQuant’s report includes Titan of Crypto’s view on Bitcoin. He sees it following its weekly trend. If this continues, he expects prices might hit near $130K soon.
- Josh Olszewicz warns about a tough September. He believes a recovery could start in Q4. This makes a cautious approach to trading sensible.
- At CryptoQuant, Amr Taha and BorisVest noticed a jump in Binance’s spot volume. They also saw whale activities slowing down. This might hint at early market stability. BorisVest, though, thinks selling pressure could grow in the next couple of weeks.
Predictions from cryptocurrency influencers
- MicroStrategy’s recent buy of 155 BTC is often mentioned. Influencers think this shows strong interest from big companies.
- When it comes to Europe’s institutional steps, they matter too. Amdax starting AMBTS B.V. is seen as proof of institutional interest growing.
- Influencer opinions are mixed. Some see a chance for gains if trends and volumes stay solid. Others worry about large-scale economic factors derailing any short-term gains.
Combining what experts and bitcoin’s current value show reveals a complex outlook. Insights from top analysts hint at growth if current trends persist. Yet, influencers add that while big buys might signal strength, the market is still at risk.
In sum, big purchases hint at lasting value, but immediate risks and broader economic scenarios will shape bitcoin’s near-future. The real test will be in upcoming trading volumes and on-chain actions.
FAQs about Bitcoin Resistance Levels
I often get the same questions about bitcoin resistance levels. This short FAQ gives useful answers based on charts, order-book data, and on-chain activity I check every day.
What is market resistance?
Market resistance is when selling pressure stops price increases, making the value either pause or drop. It occurs at previous peaks, where there are many sell orders, or near averages that traders watch closely.
To spot a real breakout, look for a jump in trade volume and fewer bitcoins coming into exchanges. Keep an eye on patterns like engulfing bars. Use tools like CryptoQuant for extra confirmation.
Why is 123K resistance significant?
The 123K level is near the highest prices we’ve seen and is at the top of the current trading range. Many experts see the $123K-$127K range as crucial. Breaking past it could mean a big rally is starting.
Going past $123K may trigger automatic buying and attract even more investors. If this push has strong buying behind it and less selling by big players, big investors might step in. But, if prices can’t stay above 123K, they could drop to the $112K-$114K area.
Will bitcoin break 123K resistance this week?
Predicting exact market moves is tricky. I look at trading volume, how deep the market is, and the flow of bitcoin to guess what might happen. If there’s a lot of buying on Binance and few large holders are selling, bitcoin might push past 123K this week.
Evidence Supporting Predictions
I compare model predictions with actual market actions. My notes mix signals and real transactions to outline near-term risks. People wonder if bitcoin will surpass 123k resistance soon. I focus on clear signals, avoiding firm predictions.
I use models that many bitcoin traders rely on. I give importance to RSI and MACD, compare them with the 50-period SMA, and look at on-chain data like whale transactions. Significant events, like the Fed’s talks at Jackson Hole, are also considered, especially if they tend to increase market volatility.
Liquidation data from CoinGlass and CryptoQuant shows market stress. I analyze recent liquidations, from around $300M to $535.89M, to assess short-term risks. A breakout is more likely when prices are above the 50-SMA, the RSI is climbing, and a surge in volume backs up the movement.
Statistical Models Used
I use a mix of technical analysis, on-chain data, and event-related adjustments. The inputs I consider are:
- RSI and MACD for momentum assessment.
- Comparing 50-period and 200-period SMA for breakout signals.
- Volume increases, particularly from Binance, and how funds move on exchanges.
- How liquidation levels can indicate market pressure.
- Adjustments based on major economic announcements.
This combined method decreases the chances of misinterpretation. It helps me provide a nuanced view, turning a straightforward prediction into a more detailed probability concerning bitcoin’s potential to reach 123k resistance this week.
Case Studies of Previous Resistance Breaks
Looking at past surges, a pattern emerges where buying the dips leads to extended rallies. Reports from CryptoQuant and CryptoNews show that spikes in Binance’s spot volumes often stabilize prices after major falls.
Situations with weak breakout support show the opposite. When volume and on-chain backing are missing, prices tend to drop back to previous levels quickly. Studying these resistance breaches teaches us that the support of volume and on-chain data is crucial for a stable price increase.
In my observations, I note instances of significant investors buying after price drops. This activity is a strong market signal, reflecting in both media coverage and extensive analyses. For an insight into large-scale purchases recently, refer to a discussion on strong buying trends by big investors at sharks and whales buying the dip.
Reliable Sources and References
I rely on several data providers and news analysts to predict if Bitcoin will surpass the 123K mark this week. For price charts and live data, TradingView is my go-to. It lets me apply Elliott Wave counts and Fibonacci retracements on the BTCUSDT daily chart. You can view the charts on TradingView here.
I look at CryptoQuant for its deep dive into on-chain activities and big investor moves. CryptoNews gives me the latest analysis and expert opinions. For specifics on market movements, CoinGlass and Coinpedia are great for their detailed reports.
These resources help me spot market trends like tight trading patterns and crucial price levels for Bitcoin.
For insights into trading volumes and market liquidity, I turn to Binance Research and their trading dashboards. To get a broader view, I use CoinMarketCap and CoinGecko’s trend analysis. I also pay attention to official reports from big investors for any major Bitcoin buy-ins.
My strategy combines advanced charting (TradingView), in-depth blockchain analysis (CryptoQuant, CoinGlass), and reliable news (CryptoNews, Coinpedia) to keep informed. Remember to watch out for big economic updates—they can rapidly affect the market. By following these sources, you’ll have a solid basis for making informed predictions on Bitcoin’s price movements.
