Bitcoin Targets $118,000 Breakout - Explosive Rally Imminent
Bitcoin's charging toward a historic $118,000 threshold—fueling speculation of a massive price surge.
The Setup
Market indicators align perfectly for what could be Bitcoin's most dramatic upward move yet. Technical patterns suggest momentum is building rapidly.
Why $118,000 Matters
Breaking this key resistance level would shatter previous records and likely trigger a wave of institutional FOMO—because nothing makes traditional finance move faster than the fear of missing out on easy gains.
The Rally Potential
If Bitcoin clears this barrier, expect cascading buy pressure across exchanges. The move could redefine the crypto landscape overnight.
Just remember—Wall Street will call it irrational exuberance right up until they finish repositioning their portfolios.
- Bitcoin surged 2.42% to $115,712.68, with market capitalization reaching $2.3 trillion.
- There were $470 million in crypto liquidations, including $112 million in BTC positions.
- Bitcoin faces crucial $118,000 resistance; a breakout could reignite bullish momentum and investor confidence.
Over the past week, Bitcoin struggled with weak liquidity inflows, causing a 10% drop after its all-time high on August 14. Liquidity droughts typically hint at bearish conditions, with investors unloading assets during seasonal peaks, creating heightened uncertainty and triggering sharp swings in overall market sentiment.
Despite these setbacks, bitcoin shows resilience, rising 2.42% in the last 24 hours to $115,712.68. Market capitalization also jumped 2.41% to $2.3 trillion. Trading volume also jumped steeply, daily volume hitting $84.08 billion, a whopping 45.77% up from earlier sessions.
Bitcoin Faces Critical $118,000 Resistance Ahead
Crypto analyst Ali wrote in X post that BTC stands at the center of a large trend reversal. According to his analysis, the cryptocurrency needs to overcome the $118,000 resistance region decisively to regain bullish momentum. Failure to clear this zone could prolong consolidation or trigger further downside risks.
A successful breakout above $118,000 could offer the momentum for renewed investor confidence and possibly another leg higher in the current cycle.
Bitcoin Faces $112M Liquidation Pressure
Data from CoinGlass suggests that the crypto market saw the total amount of short position liquidations reach $470.84 million. The main driver was Ether (ETH), in which short liquidations worth $385.62 million occurred. Bitcoin was the second with $112.13 million in liquidations. In the past 24 hours, 186,570 traders were liquidated, with the total liquidations amounting to $769.76 million.
Bitcoin trading activity seems to be gaining positive momentum as it is noted that both open interest along trading volume are on a continuous rise. Over the past period, total trading volume jumped 75.23% to $123.80 billion, whereas open interest has increased 1.60% to $82.69 billion.
Options turnover has been in line with that trend, as options volume has elevated 34.43% to $7.30B, and options open interest has gone up 2.84% to $54.96B.
The present funding rate weighted by open interest (OI) stands at 0.0111%, which indicates that investors are only marginally bullish. Such a position implies that although long positions have to provide the necessary funding to short positions, the market is maintaining balance without excessive leverage risk.
