The Key BTC Price Level to Trigger an Upward Trend

The Point of No Return at $117,000

Selling Pressure from Long-term BTC Holders Decreases

Since the peak observed on July 4, the selling pressure from dormant wallets held for nearly a decade has significantly weakened. This on-chain signal indicates that the main BTC sellers have stepped back, making room for a potential rebound.

MVRV Ratio Suggests Undervaluation

Currently at 2.19, the MVRV ratio (Market Value to Realized Value) sits in a zone historically conducive to Bitcoin rallies. This level signals that BTC is currently undervalued, offering substantial upside potential.

Bitcoin MVRV ratio chart — **Source: CryptoQuant**

BTC Price Must Break Through $117,000

From a technical perspective, Bitcoin faces a major obstacle around $117,000. This level has served as both support and resistance in the past, and breaking through it could trigger Bitcoin’s next rally. It also corresponds to a major POC and the 20-day moving average.

In other words, this level will determine the future of Bitcoin for the entire month of August. Conversely, failure at this stage could trap investors in a prolonged consolidation phase.

A Bullish Configuration in Formation

As selling pressure eases and valuation signals become favorable, trader positioning is also beginning to turn bullish. This convergence of indicators points to a potential significant rebound for Bitcoin, provided it successfully breaks through the symbolic $117,000 barrier.

Liquidation data suggests a breakthrough to $120,000 in the coming days. The MRC indicates a potential rise above $128,000.

BTC STH SOPR chart — **Source: Checkonchain**

Furthermore, the STH SOPR has fallen to its median zone and indicates a major capitulation of small investors. Additionally, the “STH Indicator” points to three upcoming resistance levels at $117,000, $125,000, and $133,000.

In conclusion, BTC’s recent recovery is encouraging, but investors must remain vigilant. As long as the price hasn’t successfully established itself above $117,000, the bullish scenario remains fragile. This pivotal level represents the next challenge for the bulls, with the possibility of a substantial rally if successful.

How to buy Bitcoin on Bitget ?

Here’s a guide to obtaining Bitcoin before its potential rise to $130,000 in August :

Sign up on Bitget : Create an account on Bitget via their website or mobile app. Complete the KYC verification to unlock all features.
Deposit funds : Transfer USDT, USDC, or another cryptocurrency from an external wallet or another exchange to your Bitget account.
Find Bitcoin : Access the “Spot” section and search for the BTC/USDT pair. Check the current price.
Place an order : Choose a market order for immediate purchase or a limit order to set a target price. Indicate the desired amount of BTC and confirm.

Why Choose Bitget for Trading Bitcoin ?

Bitget is a popular platform for trading Bitcoin (BTC) thanks to its major advantages :

Wide Range of Cryptos : Over 600 cryptocurrencies, including BTC and altcoins like HYPE, to diversify your investments.
Copy Trading : Replicate strategies from expert traders, ideal for beginners, with transparent performance metrics.
Advanced Security : Hot/cold wallets, monthly proof of reserves, and access keys to protect your funds.
Automated Trading : AI bots (Spot Grid, Martingale) to optimize your trades, even in volatile markets.
Attractive Fees : Free SEPA deposits and fee-free P2P trading to buy BTC at lower costs.
Intuitive Interface : Mobile app and simple interface for all skill levels, with 24/7 customer support.

Buy BTC on Bitget and receive $10 in just a few steps !

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