Bitcoin Smashes $115K – Here’s the Path to $118K and a New Bull Run

Bitcoin just bulldozed past $115K—again. The king of crypto isn’t asking permission. Here’s how it’s gunning for $118K and turning skeptics into bagholders.

The breakout no one saw coming (except bulls)

After weeks of sideways action, BTC’s price action just went vertical. Traders who dismissed this as a dead cat bounce are now scrambling to explain the ‘unexpected’ rally. (Spoiler: the charts called it first.)

The $118K roadmap

Liquidity pools above $116K are getting vacuumed up. If BTC holds this level, the path to $118K is wide open—and beyond that, we’re flirting with all-time highs that’ll make 2021’s bull run look like a warm-up act.

Wall Street’s favorite ‘bubble’ is back

Meanwhile, traditional finance pundits are busy revising their ‘Bitcoin obituary’ hot takes. Funny how a 10% daily pump suddenly makes ‘digital gold’ sound less ridiculous to guys in suits who still think ETFs are innovative.

One rule hasn’t changed: bet against BTC at your own peril.

Key Takeaways

Bitcoin breaks above $115K, targeting $118K, but mixed on-chain data and weak network activity signal fragile momentum. Sustained inflows and user engagement are key to confirming the bullish breakout.

Over 120,000 BTC were acquired between $112K and $114K during Bitcoin’s [BTC] recent rebound, reflecting opportunistic accumulation. 

At press time, BTC hovered NEAR $116,377 after breaking above the key $115K resistance. Despite the influx, long-term holders realized $44.5 million in profits over the last 48 hours, suggesting conviction remains fragile. 

According to Glassnode, supply within the $110K–$116K range remains sparse, creating an “air-gap” that limits reliable support.

For Bitcoin to establish a sustained uptrend, denser accumulation and stronger hands are still needed at current price levels.

Bitcoin breaks $115K resistance as $118K target comes into focus

Bitcoin has now successfully cleared the $115,000 resistance and is pushing toward the next major level at $118,327. 

This breakout marks a critical technical shift and opens up the path for further upside toward $122K. 

The structure on lower timeframes shows a solid base of higher lows, supporting the bullish continuation. However, the breakout must be confirmed with increasing volume and consistent buyer demand. 

Without that follow-through, this MOVE risks becoming a failed rally. Therefore, holding above $115K in the coming sessions is key for sustaining the upside momentum.

Source: TradingView

On-chain activity remains inconsistent as demand fluctuates

Network growth and transaction count have shown extreme volatility in recent weeks, with the latest figures dropping to131K and 219K, respectively, at press time. 

This decline points to weakening user engagement, which typically accompanies a slowdown in momentum. 

For bitcoin to sustain upward movement, consistent activity growth is crucial. Historically, surges in these metrics have aligned with major price rallies. 

However, the current inconsistency highlights a lack of unified conviction from users and market participants, casting doubt on whether the network is ready to support a breakout.

Source: Santiment

Bitcoin records rare inflow, but trend shift remains uncertain

CoinGlass data reveals a positive Spot Netflow of $33.25 million on the 7th of August , breaking a months-long pattern of outflows. 

This sudden shift could suggest renewed buying interest or preparation for short-term trading activity. 

However, not all inflows are bullish—some precede distribution. The next few sessions will be crucial to determine if this marks a broader shift in sentiment. 

If sustained, inflows paired with price strength could support higher valuations. Otherwise, it may simply reflect momentary repositioning as traders react to resistance levels.

Source: Coinglass

In summary, Bitcoin’s reclaim of the $115K resistance level strengthens the bullish case. However, mixed on-chain signals, erratic network activity, and limited spot flows suggest that caution is still warranted. 

A sustained hold above $115K, combined with stronger user participation and consistent inflows, is needed for a clean move toward $118K and beyond.