Le BTC rebondit en direction des 117 000 $ – Bitcoin le 28 août
After stabilizing near $110,000, Bitcoin’s price has established dual support from short-term holders’ average acquisition cost and the 128-day moving average. The key test now appears successful, with prices climbing back above $111,000. Could the leading cryptocurrency be gearing up to target $117,000? This August 28 analysis examines the current state of the crypto market’s top asset. Let’s dive in!
Bitcoin Maintains Position Above $110,000
Buoyed by a 1.4% 24-hour surge, Bitcoin briefly crossed $113,000 while holding above the psychologically significant $110,000 threshold. However, weekly and monthly performances show declines of 1% and 5%, respectively:
| Pair | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
|
BTC/ETH |
0.34% | 2.61% | -6.62% | -20.89% | -38.57% | -34.54% |
|
BTC/USDT |
-0.03% | 1.36% | -0.90% | -4.84% | 6.52% | 31.50% |
Bitcoin’s performance across trading pairs. Source: Coincheckup
The BTC/ETH ratio shows a 2.6% daily gain but has declined 6.6% weekly, 21% monthly, 40% quarterly, and 34.5% over six months. Ethereum has outperformed Bitcoin in the latter period, recently setting a new ATH above $4,900.
Bitcoin’s On-Chain Activity Shows Sustained Growth
This market cycle has already seen 270 days with over 90% of circulating BTC in profit. If current bullish trends align with 2017 or 2021 patterns, a market peak could occur within 2-3 months. While these metrics warrant caution, this cycle differs structurally due to spot ETF adoption and corporate BTC accumulation strategies.
On-chain metrics from The Block confirm continued network growth:
Bitcoin’s on-chain volume trajectory. Source: The Block
On-chain volumes have trended upward for a year, reflecting sustained investor interest despite Bitcoin’s pullback from its $124,000 peak. Has the correction concluded? Let’s analyze the 4H chart for technical insights.
BTC Eyes $117,000 Target
The cryptocurrency leader is rebounding above the $111,000 4H level. Despite this encouraging buying activity, short-term risks remain:
BTC/USD 4H Chart – Register on TradingView via our affiliate link.
Sustained trading above $111,000 support could propel prices toward $117,000 resistance. However, weakness below this level might trigger a decline to $106,000 support. The RSI’s rebound suggests potential bullish momentum if it closes above 64, signaling a bullish divergence.
With Bitcoin reclaiming $111,000, bullish control could fuel a move toward $117,000. As BTC consolidates below its $124,000 ATH, institutional accumulation strategies continue shaping market dynamics.
KEY BITCOIN UPDATES
- Can Bitcoin reclaim $117,000? A crucial on-chain metric approaches a decisive level.
- Aviva survey: 27% of UK adults consider crypto in retirement plans despite volatility concerns.
- Bitcoin’s rise above $111,000 sparks market-wide recovery: XRP (+6%), Solana, and Dogecoin (+4.5% each) lead altcoin gains.
- Trump-era crypto inclusion in 401(k) plans draws mixed reactions over risk concerns.
Source: journalducoin.com
