- Bitcoin consolidates near $116K, mirroring late 2024 price action before the surge to $100K.
- Key resistance sits at $115.5K, with support holding strong around $112K and $108.5K zones.
- On-chain data shows strong holder conviction as 70% of short-term BTC supply remains in profit.
Bitcoin (BTC) is currently trading at $116,618, consolidating after a breakout above a long-standing resistance level. The current price structure mirrors conditions seen just before BTC surged from $70,000 to $100,000 in late 2024, suggesting potential for another leg upward.
Current Market Structure Shows Familiar Bullish Patterns
According to Galaxy’s recent post on X, Bitcoin’s price structure continues to follow a bullish trajectory similar to its 2024 breakout. At that time, BTC had broken a descending triangle and completed an inverse head and shoulders formation, which led to a rapid price move beyond $100,000.
A rising wedge formed in mid-2025 with higher lows and resistance near $120,000. The wedge broke in July, pushing the price briefly to $130,000 before retracing to the current level near $116,600. Bitcoin now consolidates within a key green zone, where former resistance has turned into support.
The $115,500 area is now viewed as immediate resistance, combining the 100-hour SMA and 50% Fibonacci retracement. Current support lies at $112,500, while a drop below $112,000 could lead to a test near $108,500, as identified through TradingView chart analysis.
On-Chain and Institutional Metrics Support Long-Term Strength
Data from Glassnode shows 70% of short-term holders still hold their BTC in profit, suggesting reduced selling pressure. Short-term spent volume has dropped to 45%, moving below neutral thresholds, which points to stronger holding sentiment among recent buyers.
Bitcoin futures premiums have fallen under 7%, showing decreased speculative activity. However, long-term holders maintain profitable positions, according to Glassnode’s latest market report. Institutional interest remains firm, with Strategy holding 628,791 BTC and recently filing a $4.2 billion offering to acquire more.
Fundstrat’s Tom Lee reaffirmed his $250,000 BTC forecast for 2025, while CryptoElites noted, “$140,000 loading,” indicating the next move could be underway. BTC’s current price position closely mirrors the pre-$100K breakout phase seen previously.
