Bitcoin is at $117,000, down less than 1% in the last 24 hours, with a market cap of $2.32 trillion and $73 billion in daily volume. Price is consolidating above $116,000, where support has held in recent days. The chart shows a narrowing wedge, often a precursor to big moves in either direction.
The 50-period SMA at $117,462 is the immediate cap on short-term rallies. Recent candles are showing indecision, with small-bodied candles indicating hesitation between buyers and sellers. The RSI at 51 has bounced from oversold levels, and the MACD is flattening after a bearish stretch, both suggesting a change in momentum.
Bitcoin Price Chart – Source: Tradingview
Bitcoin Institutional Moves Impact Sentiment
Institutional adoption is growing. Dutch firm Amdax has launched AMBTS B.V., a Bitcoin treasury to list on Euronext Amsterdam, with plans to control 1% of Bitcoin’s total supply, worth over $24 billion at today’s prices. This is another sign of European demand for BTC as a balance sheet asset, with at least 15 European companies already holding BTC.
Meanwhile, Michael Saylor’s Strategy added 155 BTC worth $18 million, bringing its total to 628,946 BTC valued at $74 billion. With unrealized gains of nearly $28 billion, Strategy is the largest corporate Bitcoin holder, even with short-term volatility.
Key points to note:
Institutions and businesses now control over 10% of Bitcoin’s supply.
Strategy has doubled its BTC holdings since the 2024 US election.
European companies are pushing Bitcoin into mainstream finance.
Market Ahead of Fed
The broader crypto market is cautious ahead of Jerome Powell’s Jackson Hole speech, with traders liquidating $567 million in positions this week. Funding rates are negative, indicating near term downside. Powell is expected to talk about inflation and the weakening labor market, but may not confirm a September rate cut.
Technically, Bitcoin is at key levels. A break below $116,078 could see $114,650 and $112,680, while a break above $118,047 could see $120,374 and potentially $123,777. Traders are waiting for confirmation signals, such as engulfing candles or big volume spikes, to validate the next move.
Despite the short-term volatility, the long-term trend is still up. Institutional accumulation, growing adoption and a supply squeeze will set the stage for the next Bitcoin rally. If the momentum shifts, BTC could surge to $130,000 and beyond, entering the presales phase.
New Presale Bitcoin Hyper ($HYPER) Combines Bitcoin Security With Solana Speed
Bitcoin Hyper ($HYPER) is the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM), built to supercharge the Bitcoin ecosystem with fast, low-cost smart contracts, dApps, and meme coin creation.
By merging Bitcoin’s security with Solana’s performance, it unlocks powerful new use cases – all with seamless BTC bridging.
The project is audited by Consult and built for scalability, simplicity, and trust.
Investor interest is surging, with the presale already surpassing $10.3 million and only a small allocation remaining.
HYPER tokens are currently available at just $0.012745, but that price is set to rise soon.
You can buy HYPER tokens on the official Bitcoin Hyper website using crypto or a bank card.
Click Here to Participate in the Presale
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