Bitcoin Holds at $118K Amid Pullback Concerns and Altcoin Momentum
Bitcoin (BTC) is currently priced at approximately $118,348, reflecting a 0.39% increase over the past 24 hours. Two analysts have presented differing perspectives on potential market movements:
- Lark Davis suggests a possible dip to the support zone of $108,000–$112,000, which previously acted as resistance. This area aligns with the 50% and 61.8% Fibonacci retracement levels, indicating potential buying interest.
- Davis notes that the rising 20-week exponential moving average reinforces this support level, creating a confluence of technical indicators that may attract buyers.
- Michaël van de Poppe emphasizes recent rejection at a key resistance level, suggesting a consolidation phase rather than a downward trend. He predicts a sideways movement of BTC within established support and resistance boundaries.
- Van de Poppe believes this pause could facilitate a rotation into altcoins, as traders seek higher returns during periods of BTC stabilization.
Both analysts agree on monitoring Bitcoin's behavior around the $108K–$112K range or its potential sideways trading. The broader bullish market sentiment remains intact, but the future trajectory depends on how these support and resistance levels play out.
Technical analysis highlights
- From Aug. 16, 15:00 UTC to Aug. 17, 14:00 UTC, Bitcoin rose from $117,847.02 to $118,485.32, marking a 1% gain.
- Support was noted near $117,261.72 on Aug. 17, with significant volume exceeding 2,848.15 BTC during rallies.
- In the last hour of trading on Aug. 17, Bitcoin increased from $118,165.31 to $118,397.67, with notable spikes in volume.
- Short-term resistance is identified around $118,600, with further upside potential after consolidation near $118,400.