TL;DR

Bitcoin rebounds from $107K low, testing $114K as bulls eye a breakout toward $120K. Liquidations near $115K fueled sharp upward momentum, clearing resistance and boosting short-term bullish outlook. Short-term holders realize losses, but institutional demand suggests the broader trend remains strongly bullish.

Bitcoin Tests $114K Level Again

Bitcoin has recovered in the past week or so after reaching a low near $107,000 earlier this month. That zone marked the end of its measured move, and the price has since pushed back above $114,000, trading close to $115,000.

Analyst Rekt Capital said,

“Bitcoin is now in contention for a reclaim of the $114k (black) level back into support. Weekly Close above $114k would trigger bullish bias and resynchronisation with the $114k–$120k Range.”

The $114,000 level has acted as resistance in recent weeks. Holding above it on the weekly close would open the way toward the $114,000–$120,000 range.

Source: Rekt Capital/X Rekt Capital noted that Bitcoin “needs to stay above ~$114k as it heads into the new Weekly Close” and should build a cluster around this level, similar to early August.

Trader Ted pointed to $117,200 as the next resistance and wrote,

“$117,200 is the next important level for Bitcoin and it also has a CME gap. If BTC fully reclaims this level, the doors towards the new ATH will open.”

If the move fails, Bitcoin could revisit recent monthly lows.

Liquidations Drive Short-Term Spike

Glassnode data shows that a wave of short liquidations near $115,000 pushed the latest surge. The liquidations were triggered across exchanges between 9–10 p.m. UTC and matched signals from its Hyperliquid heatmap.

High short liquidations clustered around $115k were triggered last night, accelerating $BTC upward spike. The move was confirmed across exchanges around 9–10pm UTC, aligning with our new Hyperliquid heatmap signals. pic.twitter.com/l9z8RS7ECM

The cascade of liquidations added momentum, helping Bitcoin clear overhead resistance levels and driving volatility higher as the week developed.

Short-Term Holders Realizing Losses

Data from CryptoQuant shows that short-term holders are realizing losses again after four months of steady gains. Analyst G a a h said,

“This change is significant, as it indicates a momentary loss of confidence on the part of speculators.”

Source: G a a h/CyptoQuant The Spent Output Profit Ratio (SOPR) for short-term holders has dropped below 1. In previous cycles, market peaks formed when short-term holders booked heavy profits, often during periods of extreme greed. This time, those conditions have not appeared, suggesting the rally has been sustained by larger investors.

If Bitcoin holds $114,000 into the weekly close, analysts see scope for continuation toward $120,000 in the near term.