Bitcoin trades near $118K on August 10 after breaking key resistance. Chart setups and investor sentiment hint at a possible move toward $120K as altcoins outshine BTC.
BTC is flexing its muscles today, trading at $118,583 after reclaiming the $118K level — a key turning point for bulls.
Bitcoin’s Path Looks Bullish for Next Move
BTC just crossed a vital resistance zone, sparking optimism that the next stop could be $120K, especially if a short squeeze unfolds. Crypto traders know just a 10% pop could liquidate over $18B in shorts, and sentiment is hyped that Monday could bring a breakout.
Adding fuel to the fire: coiled-up futures open interest and ETF inflows. Analysts say that if this momentum holds, BTC could reach $116K–$130K in August.
On-chain metrics show Bitcoin’s in a “bullish cooldown” after hitting the $123K all-time high. Liquidity is easing, and the Bull Score Index dipped from 80 to 60 — not a bear signal, but a pause in the uptrend. Long-term holders are still accumulating between $114K–$120K, positioning for the next play.
It’s not just BTC stealing the spotlight—altcoins have outperformed BTC for the 31st straight day, showing that while BTC is stable, speculative capital is flowing elsewhere.
All in all, Bitcoin’s still the anchor, but if liquidity and sentiment align, we could see BTC push past $120K soon.
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