- Bitcoin is showing early signs of recovery, with a higher low around the $112,700 level.
- A breakout above $116K could trigger upward momentum for both Bitcoin and the altcoin market.
- However, a drop below $113K could invalidate the bullish setup, with key support found between $110K and $112K.
Bitcoin is showing early signs of recovery after printing a higher low around the $112,700 level, as noted by analyst Michaël van de Poppe.
At press time, BTC is trading at approximately $113,950, down 0.58% in the last 24 hours. The move follows a volatile week where the price dipped from mid-July highs of $123,200 to a recent low near $112,000.
Van de Poppe highlighted that Bitcoin is now approaching the crucial $114,755–$115,000 resistance zone. He noted this key level could determine whether BTC re-enters its previous trading range. Specifically, a successful break above this area would likely trigger upward momentum, not just for Bitcoin, but across the altcoin market as well.
Related: Bitcoin (BTC) Price Must Break $116,800 to Go “Explosive,” Says Top Analyst
Breakout Above $116,800 Could Open the Door to New ATH Test
The accompanying chart outlines $116,813 as the “level to break back in the range.” In other words, if Bitcoin reclaims this zone, it could set the stage for a fresh push toward all-time highs, especially with visible liquidity stacked just above that level.
A further move toward $119,504 would indicate serious strength and possibly attract institutional capital back into the market.
On the upside, such a breakout could also reinvigorate altcoin markets, which have lagged during Bitcoin’s recent uptrend.
Caution Below $113K: More Downsides Possible
While the current structure looks constructive, Van de Poppe warned that a drop below $113,000 would invalidate the bullish setup and possibly lead to new local lows. The key accumulation zone remains between $110,000 and $112,000, which he labeled a “brilliant area to accumulate” should Bitcoin revisit it.
That region has previously acted as a demand zone, offering support during pullbacks. Losing it could accelerate a decline toward deeper levels, including $103,000.
As it stands, Bitcoin’s price action remains within a decisive range. Holding above $113,000 and breaking through $115,000 could redirect momentum back in favor of bulls. If the breakout occurs, it could serve as a green light for altcoins to rally, mirroring previous market cycles where Bitcoin led the charge out of consolidation.
Related: Analysts Highlight Four Altcoins with August Strength
Veteran Trader Warns Bitcoin Won’t Fix Lives
Amid the wait for Bitcoin’s next move, veteran trader Peter Brandt sparked debate by calling Bitcoin “just an asset”. He warned that those expecting it to change their lives will be disappointed. In a post on X, he criticized the ideological attachment some have to Bitcoin, urging them to “get a life.”
Brandt, who previously noted Bitcoin’s diminishing returns, cautioned younger investors against expecting exponential gains, though he still sees it as a hedge against fiat currency.
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