Bitcoin Holds Strong at $118K: Short-Term Holders Rush In as Confidence Grows

Bitcoin's resilience is on full display as it defends the $118K support level—while opportunistic short-term traders pile in like Wall Street bankers at an open bar.

The $118K Litmus Test

BTC isn’t just hovering; it’s stress-testing a critical price floor. Every dip below gets bought aggressively, signaling that the market still sees value at this level. Meanwhile, short-term holders—those with the attention span of a TikTok scroll—are accumulating like there’s no tomorrow.

Short-Term Greed or Long-Term Vision?

Are these traders flipping for quick profits, or betting on another leg up? The charts don’t lie: volatility is their playground, but Bitcoin’s fundamentals remain the backbone. Either way, liquidity’s flowing—and in crypto, that’s half the battle.

Funny how ‘short-term’ in crypto means holding longer than a VC’s patience during a bear market. Price consolidates, weak hands shake out, and the cycle repeats. Will $118K become the launchpad or the trapdoor? Place your bets—responsibly, of course.

Short-Term Holders Begin Accumulation

According to Glassnode, a prominent on-chain analytics firm, short-term holders (those who’ve held BTC for less than 155 days) have been actively accumulating. Since June 21, these investors have added over 220,000 BTC to their wallets, marking a 9.9% increase.

Since Jun 21, short-term holders – investors holding $BTC $BTC to their balance (+9.9%). While notable, it’s modest compared to Jan–Mar, when supply surged by 540K $BTC (+25%) in one of the sharpest rotations this cycle. pic.twitter.com/LRlLcceOj2

While this accumulation is moderate compared to earlier surges this year, it clearly indicates that newer market participants or recent buyers are seizing the opportunity towhich is often a bullish signal.

Bitcoin Forms Elliot Wave

According to chart analysis on hourly time frames, Bitcoins recent price action shows that there is an ongoing Elliot Wave Cycle. Since August 3, BTC has already completed three impulsive waves, and the current dip represents the fourth wave correction. This corrective phase is expected to find a bottom within the support zone around the $118,000 mark.

The 100-day Exponential Moving Average (EMA) is also currently in the same zone, further providing a strong support to the price at this vital point. If the price successfully holds this level, it WOULD confirm the Elliot Wave count and set the stage for the final fifth wave. The projected target for this next impulsive move is a new high at $124,800.

Analyzing key indicators, the Relative Strength Index (RSI) is at 42.01. This reading places Bitcoin in a neutral zone, meaning it is neither overbought nor oversold, leaving ample room for a move in either direction. The Moving Averages Convergence Divergence (MACD), however, shows a bearish crossover, with the MACD line moving below the signal line.

Price Outlook

If bitcoin successfully defends the crucial $118,00 support level, we could realistically see it retesting the $120,000 mark in a day or two. Along with this breakout, a combination of sustained institutional buying through ETFs and the ongoing accumulation by short term holders paints a positive narrative.

Should Bitcoin confirm the “Fourth Wave Bottom” and initiate its “Fifth Wave” as technical analysis suggests, it could target a price of $124,800 within the next week or two. However, with MACD showing bearish crossover, selling pressure could push the price down to test the $115,00 zone.

Also Read: MicroStrategy Adds 155 BTC, Holdings Reach 628,946 Bitcoin

 This content is for informational purposes only and does not constitute financial advice. crypto asset investments carry regulatory risk and may not be suitable for all jurisdictions.