Bitcoin Eyes Breakout from $115K-$121K Range Amid Liquidity Hunt
Bitcoin has traded between $115,000 and $121,000 for over two weeks, forming a tight trading range ahead of a potential breakout. A brief dip below $116,000 followed the Fed’s FOMC minutes and Chair Powell’s press conference, but prices quickly recovered as traders refocused on fundamentals. Order book data reveal large sell walls at $121,100 and strong bids at $111,000, while liquidation heatmaps highlight long liquidations below $115,000 and potential short squeezes above $120,000.
Institutional signals support a bullish outlook. Spot Bitcoin ETFs have netted $641.3 million in inflows since July 23, and corporate treasury purchases have surged, with a 100:1 buyer-to-seller ratio. Technical indicators—narrowing Bollinger Bands and muted leverage in futures markets—suggest an imminent expansion of volatility.
In the short term, Bitcoin may retest $111,000–$115,000 to absorb liquidity. A decisive close above $120,000 on both spot and perpetual futures would confirm a bullish breakout. Upcoming US policy reports and SEC speeches could further boost institutional adoption.
Bullish
The convergence of strong ETF inflows, corporate treasury purchases and technical signals points to bullish momentum. Spot Bitcoin ETFs have resumed substantial net inflows and enterprise buyers maintain a 100:1 ratio, underscoring robust demand. Narrowing Bollinger Bands and low leverage in futures markets indicate a period of low volatility before an anticipated expansion. While a near-term dip to $111K–$115K may absorb liquidity, breaking and closing above $120K on both spot and perpetual futures is likely to trigger a sustained rally. Overall, institutional and on-chain indicators favor a bullish breakout for Bitcoin in both the short and longer term.