TLDR:
Bitcoin faces heavy resistance between $114.6K and $115.8K, with sellers stacking large orders overhead.
Buyers are defending $113.8K support, creating a narrow trading range and increasing pressure for a breakout.
A clean break above $114.6K could trigger short covering and a rapid move toward $115.8K.
If $113.8K fails, price may revisit $113.0K, testing bulls’ strength in a tight consolidation zone.
Bitcoin is trapped under a major barrier. Price has bounced, but sellers are still sitting heavy at the $114.6K level. Bulls need a clean breakout, or this rally could stall out fast.
Market structure looks tight, and every move is drawing sharp reaction. For now, Bitcoin is holding support, but pressure is building on both sides.
Bitcoin Buyers Push, but Sellers Defend $114.6K
Bitcoin jumped from $112.65K to $114.6K but failed to clear the ceiling, according to IT Tech’s market update.
The SuperTrend indicator flipped green, showing short-term strength, but footprint data still shows large sell walls overhead. Buyers have stacked bids near $113.8K, yet every push into resistance meets heavy supply.
⚖️ $BTC Pinched Under 115k – Relief Bounce or Just a Dead-Cat?
Price bounced from 112.65 k into the first red sell block but hasn’t cracked the 114.6 k wall. SuperTrend flipped green, yet the footprint still shows thick asks overhead.⤵️
📊 BTC-USDT | Binance 15 m Footprint &… pic.twitter.com/qaF1SiTiEi
— IT Tech (@IT_Tech_PL) August 6, 2025
If $114.6K breaks, analysts see a quick run to $115.8K, but a rejection could drag price back to $113.0K. This zone has already been defended twice, making it a crucial pivot for short-term sentiment.
The map is clear: $114.6K to $114.9K holds the first layer of asks. A second wall stretches to $115.8K, which acted as a prior distribution zone. Beyond that, $116.5K could trigger a fast move through a thin liquidity gap if price manages to reclaim it.
On the downside, $113.8K remains the immediate defense. Below that, $113.0K stands as a mid-range safety net, with $112.65K as the capitulation floor. A failure to hold these levels would likely open the door for deeper retracement.
Weekly Wave 5 Still in Play
Nilesh Rohilla pointed out that Bitcoin is still in a broader Elliott Wave 5 pattern. He noted that the price is consolidating between $112K and $120K, setting up for the next leg higher if $123K is breached. RSI remains at 62.64, giving the market room to run before any potential overheating.
🚀 Bitcoin Weekly Chart Analysis – Wave 5 in Progress?Bitcoin continues to follow a classic Elliott Wave structure, and based on the current chart, we appear to be entering the final 5th wave of this macro bull cycle.
📊 Current Price Action:– BTC is consolidating in a… https://t.co/GBRWxPIcO6 pic.twitter.com/Si65nwdyri
— Nilesh Rohilla (@nilesh_rohilla) August 6, 2025
The MACD is turning green again, signaling bullish continuation on higher timeframes. As long as $109K holds, Rohilla believes the bullish structure remains intact.
The battle is clear: a breakout above $114.6K could ignite short covering toward $115.8K. But a breakdown under $113.8K would put $113.0K bids to the test. Short-term traders are focused on the 15-minute closes, while macro bulls are looking for a weekly push toward $123K.
For now, Bitcoin’s price is coiling. The next move will decide whether this bounce is the start of a bigger run or just a pause before another dip.