Despite a volatile week marked by brief pullbacks, the bitcoin price has shown surprising resilience—leaving analysts cautiously optimistic. After dropping to $113K, Bitcoin quickly rebounded, suggesting that underlying momentum remains intact. While macro uncertainty still lingers, the technical structure and on-chain data now point toward a potential climb toward the long-anticipated $120K mark.
In particular, Bitcoin’s ability to hold above key support levels is fueling bullish sentiment, especially as whales and long-term holders appear largely unfazed by the latest dip.
Price Analysis: Bitcoin Defends Support and Eyes Higher Levels
On the daily chart, Bitcoin continues to consolidate just below $115K after a healthy retracement from its local top near $122K. The decline earlier this week was absorbed with relatively low volume, and a bounce followed quickly, hinting at strong demand around the $112K–$113K range.
Source: Tradingview
This level is acting as a clear line of defense. If Bitcoin maintains this structure and breaks above $116.5K with solid volume, analysts expect a renewed push toward $120K in the short term. Some are even forecasting a potential breakout that could retest the $125K zone established during July’s highs.
So far, the correction seems more like a technical cooldown rather than the beginning of a deeper reversal.
On-Chain Data: Spent Volume Suggests No Panic from Long-Term Holders
Glassnode data over the last 24 hours indicates that the recent sell-off was overwhelmingly driven by Short-Term Holders (STH), not long-term investors. According to the latest metrics, $18.24 billion (85.5%) of Bitcoin spent volume came from short-term addresses, compared to just $3.1 billion (14.5%) from Long-Term Holders (LTH).
This divergence paints a picture of calm among more seasoned holders, reinforcing the idea that the underlying structure of the market remains bullish.
Source: Glassnode
The chart highlights how short-term investors were the primary sellers during the dip, while long-term wallets continued to hold firm. Historically, this kind of behavior has preceded strong rebounds in price—especially when combined with stable support zones and bullish technical indicators.
Final Thoughts: Can the Bitcoin Price Reach $120K in August?
All eyes are now on the $116.5K–$118K resistance area. If Bitcoin breaks through with conviction, $120K could be hit within days—not weeks. The fact that long-term holders are not contributing to selling pressure adds weight to the bullish thesis, especially with the macro narrative still leaning in Bitcoin’s favor.While caution is warranted given recent volatility, the current market setup suggests this may just be a pause before the next leg up. If whales stay sidelined and demand returns on the spot market, the bitcoin price could soon reclaim its momentum and set new all-time highs.
