- Bitcoin eyes $121K if $113K higher low holds and $116,700 is reclaimed.
- Derivatives data shows falling volume but rising open interest amid volatility.
- Powell’s speech sparked a 4% BTC rally, liquidating $379M in shorts.
Bitcoin (BTC) traded between $112,666 and $115,261 during the observed period, maintaining consistent lower highs and lower lows. Price rebounded from the $112,666 support level before rejection near the $118,000 value area. Analysts observed pressure on buyers but pointed out that a higher low could be forming near the $113,000 zone. If this structure holds, reclaiming $116,700 may bring renewed momentum and open paths toward higher targets.
Bitcoin Technical Structure and Market Activity
The 4-hour chart showed steady downward sequences with short rebounds after each major low. According to an analysis prepared by Crow, Bitcoin could reach $121,000 with extended projections near $126,000 if structure shifts.
Support remained concentrated around the $112,000 to $113,000 range, reinforcing its importance as a base. The derivatives market recorded $50.50 billion in trading volume, showing a 32.77% decrease.
Open interest increased 1.11% to $84.35 billion, while options volume dropped 59.76% to $1.77 billion. Liquidation data from Coinglass confirmed more long positions were cleared across different timeframes, reflecting heightened volatility in the market.
Higher Low Formation and Market Recovery
A key observation was the possibility of a higher low forming near $113,000. According to AltGem Hunter, printing this level, reclaiming $116,700, and sustaining momentum could shift market direction. This would establish a foundation for Bitcoin to test $119,600 and $124,400, with a longer-term target near $130,000.
The broader market also reacted to Federal Reserve Chair Jerome Powell’s Jackson Hole speech. Bitcoin surged nearly 4% after trading below $112,000, climbing above $116,000 and reaching $117,416 before settling near $116,908. Data from Coinglass showed that $379.88 million in short positions were liquidated during this rally.
Market strategist Michael van de Poppe said, “A small sweep took place and an immediate massive move upward on Bitcoin. Uptrend is back.” Analysts maintained that if Bitcoin holds its higher low and reclaims $116,700, the chart could regain strength and bring fresh momentum.
