TL;DR

Bitcoin hovers near $115K, with resistance at $114.8K-$116.8K crucial for new all-time highs. Weekend dip to $111,965 triggered $670 million futures losses, mostly from long positions. Analysts warn a rejection could see Bitcoin retest the $110K-$112K accumulation support zone. Mining difficulty hits 127.6 trillion; historical August patterns suggest potential volatility ahead.

Price Movement and Market Reaction

Bitcoin (BTC) traded jumped to $115,000 on Monday after rebounding from a weekend dip to around $111,965. The drop followed Friday’s U.S. jobs data, which fueled recession concerns in the United States. Over the last 24 hours, the cryptocurrency recorded a trading volume of $29 billion.

Data from Coinglass showed that the sudden decline led to about $670 million in losses from perpetual futures positions, with long positions accounting for over $550 million. Despite the slight 1% gain in the past 24 hours, Bitcoin remains down 3% for the week.

Crucial Resistance Levels at $114.8K and $116.8K

Analyst Michaël van de Poppe said, 

“Bitcoin is doing great. It’s back up to the first crucial resistance zone and green light for a new ATH. Breaking through this area isn’t a guarantee of a new ATH, but a good first step.” 

He pointed to $114.8K as the first level to clear and $116.8K as the second. A move above these zones could put $119.5K in focus for an all-time high test.

#Bitcoin is doing great.

Its back up to the first crucial resistance zone and green light for a new ATH.

Breaking through this area isnt a guarantee of a new ATH, but a good first step.

Rejection here?

Yes, that would mean were retesting the area around $110-112K.

There… pic.twitter.com/d3PpbgU9gp

He also warned that a failure to break above the current zone could send the price back toward the $110K–$112K range. This area is seen by many traders as a strong support zone where buyers may step in before any attempt at a larger rally.

Market Structure and Price Gaps

Ted noted, 

“$BTC now has a CME gap between $113.5K-$114K. Most of these CME gaps are filled, so expect a dip below $114K.” 

This leaves room for a small pullback before any push higher.

Daan Crypto Trades observed that Bitcoin often sets its monthly high or low within the first week of each month. He said, 

“The current move from high to low is also just ~3.6%. There’s a very high likelihood we make a larger move this month.” 

The analyst added that in past years, months in uptrends often saw a flush lower early in the month, followed by a climb.

Source: X

Network and Broader Outlook

As CryptoPotato reported, Bitcoin’s mining difficulty hit a new peak at 127.6 trillion this week as network computing power rose. 

Robert Kiyosaki also shared a cautious view, suggesting Bitcoin could fall toward $90,000. He cited the asset’s history of sharp August declines as a reason for the warning.

With Bitcoin holding near $114K-$116K, traders are focused on whether it can break through resistance for an all-time high attempt or pull back to retest lower support levels.