TL;DR

Bitcoin trades under $113K, testing resistance after rebounding from late August lows near $108K. Analysts highlight breakout above descending trendline, with $116K next target and $124K retest possible. On-chain netflows show steady outflows, suggesting accumulation and reduced selling pressure during the recovery.

Bitcoin Holds Near $113K

Bitcoin jumped past $112,000 earlier today after rebounding from late August lows of around $107,000. At press time, BTC is priced at $112,400 with daily trading volume of $42 billion. The move marks a 2% gain in the last 24 hours and a 1% rise over the past week.

In fact, the recovery follows a pullback from the recent all-time high near $124,000. Analysts note that liquidity was taken at those levels, and the market is now testing key resistance. Michaël van de Poppe remarked,

Lets break it upwards. Thats great. $BTC pic.twitter.com/Gtnl1VNUAO

Charts show overhead resistance levels at $114.7K, $116.8K, $119.9K, and the all-time high of $124.3K. A move through $114.7K–$116.8K would confirm momentum and open the way for another retest of $124K.

On the downside, immediate support stands at $111.5K and $108.9K. A broader accumulation zone remains between $100.9K–$102.4K, which could come back into play if current resistance levels reject price action.

Analysts Confirm Breakout

Rekt Capital pointed to Bitcoin’s move above a descending trendline that had capped the price since mid-August. They wrote,

“Bitcoin has technically fully confirmed its breakout. A Daily Close and/or retest of the ~$113k region (red) would ensure additional trend continuation to the upside.”

Source: Rekt Capital/X According to this view, holding above $113K is critical for further gains. A confirmed close above this level may push BTC toward $116K in the short term and back to $124K if momentum builds.

Netflows Signal Accumulation

On-chain data shows continued negative netflows, meaning more BTC is leaving exchanges than entering. In late August, outflows peaked near -30K BTC as the price slipped to $108K, suggesting accumulation during weakness.

Source: CryptoQuant Notably, that trend has persisted into September, with steady outflows supporting the rebound toward $113K. With fewer BTC available on exchanges, selling pressure appears reduced. Analysts caution that if netflows turn positive near $113K–$116K, it could indicate profit-taking.

Bitcoin is in consolidation just below the resistance of $113K. Should the level hold, strength is indicated balance-wise by technical signals and flows on the blockchain. A clearing of $116K would increase the strength of the retesting of $124K high, and failure may shift the concentration to the $102K support zone.