Bitcoin Eyes $124K Retest After $116K Resistance
Bitcoin has rebounded from late-August lows near $108K and is trading around $113K. Analysts highlight a breakout above a mid-August descending trendline, setting sights on the next resistance at $116K. Clearing $116K could pave the way for a retest of the all-time high near $124K. Immediate support levels lie at $111.5K and $108.9K, while a broader accumulation zone exists between $100.9K and $102.4K. On-chain data from CryptoQuant shows sustained negative netflows—more BTC leaving exchanges than entering—indicating accumulation and reduced selling pressure. Rekt Capital notes that a daily close above $113K would confirm bullish momentum. Traders should monitor exchange netflows; a shift to positive flows near resistance may signal profit-taking. A successful breakout is likely to fuel upward momentum in both the short and long term.
Bullish
Categorized as bullish. Bitcoin’s confirmed breakout above the mid-August descending trendline and the prospect of clearing $116K resistance point to renewed buying momentum. Historically, decisive breaks of key levels—such as $20K in 2020 and $40K in 2021—have led to rapid price gains and stronger market confidence. Sustained negative netflows from exchanges support further upside by reducing available sell-side liquidity. In the short term, traders are likely to accumulate above $113K, targeting $116K and then $124K. Over the long term, a successful retest of the all-time high reinforces institutional adoption narratives and can trigger a broader market rally, cementing bullish sentiment.