Bitcoin is consolidating around $115,000 after a 6% pullback from its all-time high. With ETF outflows, whale accumulation, and mixed technical signals, the market is torn between a temporary correction and a bullish recovery.
Bitcoin (BTC) has retreated 6% since its record high on August 14th, remaining down 3% this week and 2.5% this month. After a meteoric recovery that propelled it from $97,000 in late May to new heights in August, this pullback marks a cooling of the market.
The community remains divided : Is this a healthy correction within a bullish trend, or the beginning of a deeper pullback ? The answer might well be found in the movements of major players. Exchange-traded funds (ETFs) recorded net outflows of $121M on August 18th, bringing the monthly total to nearly $140M. This stands in stark contrast to Ethereum, which attracted a record $2.83B in inflows.
Meanwhile, whales are accumulating: 10,000 to 100,000 BTC added, representing more than 20,000 BTC since last week. In total, over 225,000 BTC have been accumulated since March, a signal often linked to a bullish reversal.
On the technical front, BTC is trading below the median of the Bollinger Bands (4h), indicating persistent selling pressure. However, several oscillators show a bullish divergence, suggesting potential for a rebound.
If the $114,000 support holds, Bitcoin could reach $118,000, $120,000 or even $124,000.
In the event of a stronger correction, the 100 and 200-day moving averages ($110,000 and $103,000) would be crucial.
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