TL;DR
- Bitcoin staggers regally from a humble $107K, now poking its nose at $114K with dreams of $120K grandeur.
- A rash of liquidations near $115K turbocharged this unlikely ascent, shooing away pesky resistance like a magician’s flourish.
- Short-term holders clutch their losses like soggy umbrellas, while the grand institutions sip champagne, convinced the bull is still charging.
Bitcoin’s Relentless Testing of the $114K Ceiling
After a dramatic dip to about $107,000-an amount one might only flaunt at somewhat exclusive cocktail parties-Bitcoin has made a dashing recovery. It now flirts just above $114,000, trading in the vicinity of $115,000, as though daring fate to intervene.
Local soothsayer, Analyst Rekt Capital, declared with the gravity of a telegram from some great lord:
“Bitcoin is now in contention for a reclaim of the $114k (black) level back into support. Weekly Close above $114k would trigger bullish bias and resynchronisation with the $114k-$120k Range.”
The $114,000 mark, lately more stubborn than a London bobby on a Saturday night, holds Bitcoin prisoner. Should the weekly close hold above it, a slippery slope opens up toward the rarified atmosphere of $120,000.
Rekt Capital opined further that Bitcoin must not sulk below ~$114k as the weekly curtain falls. Its behavior should mimic a peacock at an August fête-gathering admirers and struttin’ about.
Trader Ted, who sounds like the chap you’d expect to meet at a smoky betting parlor, pointed to $117,200 as the next hurdle, adding:
“$117,200 is the next important level for Bitcoin and it also has a CME gap. If BTC fully reclaims this level, the doors towards the new ATH will open.”
Should Bitcoin stumble, one fears a regrettable retreat back to the dreary monthly lows, where dreams go to nap.
Liquidations: The Short Squeeze Ballet
Glassnode’s data reveals a tsunami of short liquidations near $115,000, igniting the latest spike with all the subtlety of a champagne bottle corking at Ascot. This fracas unfolded between 9 and 10 p.m. UTC, perfectly aligning with their patented Hyperliquid heatmap-which sounds as lively as a club for financial voodoo.
High short liquidations clustered around $115k were triggered last night, accelerating $BTC upward spike. The move was confirmed across exchanges around 9-10pm UTC, aligning with our new Hyperliquid heatmap signals.
– glassnode (@glassnode) September 12, 2025
This cascade added combustible fuel to Bitcoin’s volatility bonfire, propelling prices upward like a champagne cork escaping a harum-scarum soirée.
Short-Term Holders: The Timid and the Lost
Data from CryptoQuant tells us that short-term holders are once again clutching the bitter pill of losses after a four-month dalliance with gains. Analyst G a a h, sounding somewhat like a disapproving relative, stated:
“This change is significant, as it indicates a momentary loss of confidence on the part of speculators.”
The Spent Output Profit Ratio, a labyrinthine term for a barometer of hope and despair among the restless, has dipped below one for short-term holders. Historically, euphoria among these sprightly speculators rings the bell at market peaks, but this time the grand spectacle is stage-managed by the hefty portfolios of the institutional crowd.
In conclusion, should Bitcoin cling tenuously to $114,000 come the week’s close, the stage may well be set for a flirtation with $120,000. Whether it’s a triumphant waltz or a clumsy jig is another matter indeed. 🎩
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2025-09-12 22:32