Bitcoin traders are keeping a close eye on the charts as the cryptocurrency holds firm above the $110K mark, despite a modest pullback in August. With BTC currently hovering around $110,580, up slightly by 0.5% over the past 24 hours, analysts are optimistic about potential upward movements, especially as the summer lull fades away. August’s end might break a four-month winning streak for Bitcoin, but historically, September has brought increased trading activity.
Bitcoin’s Resilient Support
Bitcoin’s movement has been somewhat predictable, with the Short-Term Holder Realized Price (STH-RP) acting as a key support level. Currently, this metric is pegged at $108,800, serving as a crucial foundation for traders. As noted by crypto analyst Alex Thorn, “The STH-RP is often a reliable indicator of market sentiment, and its current level suggests a floor for Bitcoin amid this turbulence.” This sentiment is echoed in our recent coverage of altcoin market dynamics, where Bitcoin’s resilience is contrasted with altcoin struggles.
Interestingly, short-term investors are selling at a loss, indicated by the Short-Term Holder Spent Output Profit Ratio (STH-SOPR). Historically, such behavior often signals a local bottom, though full capitulation remains elusive. This presents a mixed bag for traders, who are now weighing the possibility of an impending upward shift.
Options Market Insights
The options market presents a slightly rosier picture, with a “max pain” level sitting at $116,000—above the current spot price. Max pain, the strike price causing the most options to expire worthless, implies potential upward pressure on BTC as traders position themselves for future gains.
Meanwhile, the CME futures gap, between $113,500 and $117,200, remains unfilled, warranting close attention from market participants. Historically, such gaps tend to close, adding another layer of intrigue to Bitcoin’s immediate prospects. This aligns with our analysis of market expectations around Powell’s statements, which could influence Bitcoin’s trajectory.
Broader Economic Context
Outside the crypto sphere, geopolitical tensions are simmering. The U.S. has doubled tariffs on Indian goods amid a stalemate over India’s Russian oil purchases, potentially straining diplomatic ties. Analysts are concerned about the repercussions—possible export declines, job losses, and a projected 1% dip in GDP growth.
Back in the cryptosphere, however, traders are laser-focused on Bitcoin’s key support levels and futures gaps. The CoinDesk 20 index, a broader market measure, rose 2.7%, demonstrating that even amidst global economic uncertainties, the digital asset market remains robust.
Looking Ahead
As September approaches, the market’s anticipation is palpable. Will Bitcoin break through the $113,500 to $117,200 range and fill the CME gap? Or will macroeconomic factors exert downward pressure on the crypto market? With the Mantle Network’s mainnet upgrade and significant economic data releases on the horizon, traders are bracing for a potentially volatile month.
Market participants are advised to keep a close watch on both technical indicators and broader economic developments. As always, the crypto market promises to be anything but predictable.
Source
This article is based on: Bitcoin Traders Eye Upside as BTC Holds Above $110K: Crypto Daybook Americas
Further Reading
Deepen your understanding with these related articles:
- Bitcoin price breakout to $117K liquidates bears, opening door to fresh all-time highs
- Bitcoin price charges to $116K as Fed's Powell hints at interest-rate cut
- Large Liquidations Mask Whale’s Buy-the-Bitcoin-Dip Strategy: Crypto Daybook Americas
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
