Bitcoin Support Hits 118k-120k Levels Today

Francis Merced

Bitcoin News

August 20, 2025

32 Views

On August 16, over $3 billion in realized gains re-entered the market. This big influx helped increase the fluctuation within a day. It aimed to reach what is now known as the bitcoin hourly support levels between 118k and 120k.

I keep an eye on order-flow through TradingView and check on-chain clusters. The 118k–120k range is often seen on the hourly charts. CoinCentral highlighted a significant pile-up of coins at $116,963. This level usually becomes crucial when the price movement gets tight. The blend of on-chain movements and profit-taking shapes the bitcoin price live.

Discussion boards and news feeds focusing on crypto are quite insightful presently. They’re buzzing not just with talks on altcoins like XRP. They also share links to exchange support pages and broker contacts. These provide insights into where the funds and backup systems are during high volatility. The patterns of institutional futures and large-scale traders mirror what we’re seeing in the broader markets. This supports the current trends in the bitcoin market.

Key Takeaways

• The 118k–120k band is a recurring battleground on hourly charts today.
• On-chain concentration near $116,963 may act as nearby pivot support.
• Recent realized-gain events drove short-term volatility and price movement.
• Order-flow, exchange liquidity, and futures positioning are shaping intraday trends.
• Community chatter and exchange operations can quickly influence short-term support levels.

Overview of Bitcoin Support Levels

I look at support zones like a mechanic inspects a car for signs of wear. My trading notes blend order-book data, on-chain activity, and chart patterns. This helps me make informed choices and ties into the technical analysis I do for bitcoin.

What Are Support Levels?

Support levels are key prices where there’s usually a jump in buying. These might be easy-to-remember numbers, like 120k, detailed in places like CoinCentral. They also include specific on-chain values or points identified through technical analysis. I compare these areas with order-book information to confirm their strength.

Importance of Support Levels in Trading

Understanding support helps with deciding when to enter, place stops, and size positions. Focusing only on price misses out on critical context. As CoinCentral mentions, significant sales can push past a support zone. So, I use support along with volume analysis and data from big exchanges to improve accuracy.

How Support Levels Are Determined

Finding support levels can involve looking at past lows, average movements, and more technical strategies. The clusters near $116,963 and events of realized gains show why the 118k–120k range is important.

Before I consider a level reliable, I check it against the bitcoin hourly chart, how futures are behaving, and order books from exchanges. This thorough method strengthens my technical analysis in bitcoin’s quick-changing market.

Current Market Trends

I keep a record of price movements and market feelings. The last two days were rough. After a near 1.9% drop in a day, we saw about $3 billion in gains. The price soon fell to $114,707 according to CoinCentral. This shows how fast trends can change in the bitcoin market when people rush to take profits.

Analysis of Recent Price Movements

Looking at hourly charts, the 118k–120k range was tested many times. When selling increased, volume went up, but interest in buying dropped during lows. The Accumulation Trend Score went from 0.57 to 0.20. This means people held less and sold more. This trend matches the fast fading strength in bitcoin prices.

Historical Comparison of Support Levels

In the past, areas around $116,963 acted as key levels. They either helped prices go up or pushed them down. Once people’s investments break even, they might start selling instead of buying. Past patterns show that these areas often lead to price changes. The current range of 118k–120k is near such a significant area, giving us insight into the bitcoin market’s trends.

Factors Influencing Market Trends Today

Big factors like the economy and Federal Reserve policies are important. Tools like CME FedWatch and Polymarket show how likely rate changes are. These changes affect how willing people are to take risks. Changes in how much money institutions and regular people are putting into the market affect prices. Also, futures trading can make prices jump around more, especially when everyone’s mood changes quickly.

Technical Analysis Tools

I use a mix of charting and on-chain tools for bitcoin technical analysis. My goal is to find solid support, assess risks, and decide where to enter trades. I look at different timeframes and check data quickly. This helps my trades be in line with both price movements and on-chain activities.

Introduction to Charting Tools

TradingView is what I prefer for detailed charts and creating my scripts. It lets me switch between daily, four-hour, and hourly bitcoin charts easily.

I glance at CoinGecko and CoinMarketCap for quick info. For deeper on-chain insights, I use Glassnode and CryptoQuant. This helps track important price clusters and how much bitcoin is being held. Charts from Binance and Coinbase Pro are great for confirming the depth of orders near key prices.

Key Indicators for Analyzing Support Levels

Volume Profile shows where most trading happens and where the battle between buyers and sellers is fiercest. The VWAP helps decide the immediate market trend for short trades.

The 50 and 200 EMAs give an idea of mid and long-term market trends. The RSI points out when the market might be about to turn. Alongside on-chain price and holding trends, these help understand market direction.

A spike in open interest for futures reveals market leverage levels. High OI near support means more risk. A rapid sell-off can break through support levels quickly in such situations.

Recommended Tools for Bitcoin Traders

TradingView is best for active analysis and testing strategies. Glassnode and CryptoQuant are great for understanding where the supply sits and identifying key price levels held by long-term investors.

I also rely on research from CoinCentral and check exchange order books. The mix of free and subscription services fits different needs and keeps my analysis accurate and useful.

Graphical Representation of Support Levels

I guide readers through the visuals tracking bitcoin price movements. Clear images cut down on guesswork. Here, I display the hourly patterns that shaped my insights on the 118k–120k range.

The current support level often hits the 118k–120k band on the bitcoin chart. Candles briefly dip into this zone before retreating. This activity, matched with volume spikes, shows trades are genuine, not just market noise.

I spot a key cost-basis cluster at $116,963, right below the band. It serves as a backup floor during intense support level tests. This cluster’s impact is clear on short-term candle charts.

Historical charts show recurring patterns. For instance, on Aug 16, a high-volume bar signaled a $3 billion realized gains spike, leading to a dip to 114k. Such moments illustrate how bitcoin support levels emerge after significant gains.

Looking at charts over several months clarifies cost-basis clusters. They sometimes halt rallies or soften drops. Adding realized-price bands on the charts reveals when support levels strengthen or weaken.

In my trend analysis, I add layers like moving averages, volume profiles, and realized-price bands. I also examine open interest and accumulation shifts alongside price. This approach highlights supply and demand differences, clarifying the 118k–120k zone.

A table below lists the key visual indicators I focus on in chart reviews.

I keep refining my chart analysis. Each test gives new insight into volume changes. This way, I can better understand supply and demand without relying just on gut feeling.

Statistics on Bitcoin Trading Today

I always keep an eye on the price action and volume. It’s important when support zones like 118k–120k are tested. Hourly snapshots show a different picture than daily charts. I’ve taken notes from recent trading sessions and looked at wider metrics. This gives us a real sense of market behavior.

Hourly Trading Volume Insights

The hourly trading volume went up when $3 billion in realized gains hit. This caused a 1.9% drop to $114,707 in one day. There was a lot of selling pressure near the new lows that hour.

It’s not just about how much is being traded. It matters more if there are more buys or sells. Right now, the single-hour bounces at bitcoin hourly support 118k-120k levels show they’re not too reliable. That won’t change until more people start buying than selling again.

Percentage Change in Support Levels

Bitcoin dropped about 8% from its highest point ever. When prices get close to the 118k–120k area, they usually don’t change by more than 2% before dropping again.

We see hourly swings between 1–3% when testing these levels. This info helps traders decide where to set their stops and when to take profits, especially during fast-moving times.

Comparison with Other Cryptocurrency Trends

Altcoins are seeing similar patterns. For example, XRP is hovering near $3.01. The opening interest in futures and big investors are shaping where it goes. These factors are just like the ones affecting Bitcoin’s support around 118k-120k today.

Generally, there’s less buying across all major cryptocurrencies. This is seen on big trading platforms and shows a lack of activity from smaller investors. Analysis across the cryptocurrency market points to lower liquidity and involvement. This is a common theme now.

Predictions for Bitcoin Movement

I check the charts and on-chain signals every day. It feels like the bitcoin market is being careful right now. Prices swing quickly, so I make clear plans to help traders stay calm.

Short-Term Predictions for Support Levels

The area between 118k and 120k seems to be where people are defending the price. If people start buying more, we might stay above certain levels for a bit. But if fewer people are buying, we could see prices drop near $110k.

Long-Term Outlook for Bitcoin Prices

What happens in the long term with bitcoin depends on big policy moves and big buyers. If the Federal Reserve eases up and big buyers come back, prices could go up. But, if there are surprises in politics or from the Fed, prices might not move much for a while.

Factors that Could Affect Future Movements

• Spikes in gains and selling offs that change who holds bitcoin.
• Big institutions either selling or buying more, affecting their financial statements.
• Decisions by the Fed and changes in betting on those decisions or new Fed leaders.
• Changes in future contracts and big transactions on places like Coinbase and Binance.

I keep an eye on these things, plus on-chain data and how prices are moving. Watching the support levels of bitcoin helps me plan. I’m ready to adjust my views as new info comes in because being flexible is better in quick-moving markets.

Frequently Asked Questions about Bitcoin Support

I often look at bitcoin prices and receive many questions about support zones. Here, I answer three common questions using simple terms and the context of trading. I’ll talk about bitcoin’s hourly support at 118k, 119k, and 120k levels today. I’ll explain how to work with support levels and how they help in crypto trading, so you can start using them immediately.

What Does Support Level Mean?

A support level is a price range that attracted buyers in the past. It suggests that the market might stop falling or even start to rise at these levels. For Bitcoin, the area between 118k and 120k is particularly important because it has been tested several times, showing significant activity.

To trust a support level, we need proof. This could be a spike in trading volume or a visible price jump, showing the support is real. Without such signs, it’s just a theory — not something to bet on.

How Do I Use Support Levels in Trading?

I use support levels to make key trading decisions like where to buy, set stop-loss orders, and how big my trades should be. The idea is to buy close to a proven support level and be more cautious if the support isn’t strong. It’s good to combine this with other cues like trading volume, VWAP, and on-chain data for clearer signals.

Here are the steps I take:

• Wait for a sign of reversal or increased trading volume at a support level before jumping in.
• Place stop-loss orders below the support, taking into account normal price swings.
• Gradually enter a position rather than putting all your money in at once.

To dive deeper, reading case studies is useful. You can find a great example at Bitcoin forecast analysts see potential breakout. It discusses moves driven by realized gains and the risks of relying solely on price.

Are Support Levels Always Reliable?

Not always. Support can quickly collapse if there’s a massive sell-off, during liquidation events, or if major news changes market sentiment. Even big swings in futures can overpower a support level.

For example, the Aug 16 spike when $3 billion in profits were taken shows how quick profit-taking can break through support levels. This is why it’s crucial to set stop-loss orders and manage risks properly, especially when trading crypto.

Evidence Supporting Current Levels

I investigated the price movements and order details to check the idea that bitcoin stays near crucial levels. My examination focuses on groupings, hourly trading volume, and how profits lead to brief drops near important supports. This part explains what signs I look for to confirm bitcoin’s support around 118k, 119k, and 120k.

Analysis of Trading Data

Looking at on-chain data, there’s a lot of bitcoin held around $116,963. This amount creates a key supply area that might become a support if buyers come in. CoinCentral noted about 700,000 BTC are owned at this price, linking to the gains made and then sold off recently.

The hourly trading charts show big sell-offs when people take their profits. For instance, on Aug 16, traders sold off, leading to a small drop in price. This helps us understand why the price often tests the 118k–120k range and why these trading details are crucial for quick transactions.

Expert Opinions on Price Predictions

Experts like Alex Krüger say price changes relate to what the Federal Reserve does. The analysts I follow think that if the price falls below 116k-118k, it might drop more towards $110k. But if it stays above 118k, it could climb higher.

Insights from Coinbase Institutional and CME FedWatch show how policies and investor money affect things. These perspectives clarify the ongoing debate about why the support for bitcoin around 118k, 119k, and 120k is still questioned by experts.

References from Market Reports

I compared price levels with TradingView’s snapshots and narratives to keep my analysis accurate. Check out the latest thoughts on BTCUSD at current BTCUSD ideas for more on how these levels are tested daily.

Changes in Polymarket, CME FedWatch, and on-chain scores give us a rich set of data. All these reports, trading details, and metrics together confirm the insights I use for trading decisions and risk management.

Key Players in the Bitcoin Market

I watch the order books and custody flows every day. The mix of retail traders, whales, and formal institutions affects how price moves near support zones. These players in the bitcoin market influence short swings and larger trends.

Big exchanges push liquidity and depth that everyone can see. For example, when Binance sets large bids, the price tends to hold up better. Coinbase is where you see both big investors and everyday people trading. Also, derivatives markets make volumes that can really drive prices up or down.

Major Exchanges Influencing Support Levels

Binance and Coinbase are often at the front of daily price moves. They show dense areas in the order book at important price points. These dense areas act as strong support or resistance, especially when big orders are in play.

Notable Investors and Their Impacts

When big players move their coins, it often leads to selling pressure. If many holders decide to sell at the same time, the price can drop quickly. I’ve seen how groups with similar selling points can change the market’s mood fast.

The Role of Institutional Investment

Institutional investors have a big impact over a longer time. Hedge funds and big companies entering or leaving can stabilize or shake the market. Their decisions on when to take profits can be affected by taxes and other big financial moves.

• Exchanges set the immediate depth for bitcoin support.
• Big traders moving coins can pressure prices in the short term.
• Institutional investors help decide how long a trend lasts with their big moves.

Community Sentiment and Bitcoin

I read trader channels and threads every day. The talk about the 118k–120k band is active. Social signals can push short-term flows and make supports act like magnets.

Social Media Trends Affecting Bitcoin Support

Crypto message boards and Twitter/X spread stories quickly. A viral headline or Reddit thread can lead to fast buying or selling. I observe how news about gains or ETF talk affects the market.

What Traders Are Saying Today

Today, traders talk about accumulation scores and Fed policies. They use data and liquidity to argue about holding or selling. I saw a drop in CoinCentral’s trend, causing caution among traders.

The Impact of Community Opinions on Market Movement

Group feelings can increase squeezes or worsen declines. A big gain report or regulation news often makes the crowd follow the trend. This can either protect supports or break them, depending on early actions.

Conclusion: Understanding Bitcoin Support Today

Today, I noticed the 118k–120k zone staying strong as a support level every hour. It’s kept significant due to technical re-tests and an on-chain cost-basis around $116,963. The area is under pressure from big gains and lower accumulation scores, so I see it as contested, not unbreakable.

Recap of 118k-120k levels

The quick look at the 118k 119k 120k support shows it bouncing back often, but with less strength each time. On-chain signals backed these rebounds, even though big gains hint at profit-taking happening. This situation causes the support band to fluctuate in strength.

What traders should watch for

Traders should keep an eye on changes in hourly volume, VWAP recovery, futures market, and reports from Coinbase and Binance. Sudden big profit bookings and Fed policy updates can quickly affect support levels. To me, the most urgent signs to watch are changes in futures interest and large whale moves.

Future considerations in bitcoin trading

Be ready for more ups and downs during major events, like decisions by the Fed or large company investments. Confirm with various factors like on-chain data, market depth, and trade volumes before counting on support levels. My strategy involves cautiously entering trades and setting stop sizes accordingly, considering common bitcoin trading tactics.

Always be alert to gains and institutional moves. This keeps your perspective on the bitcoin market realistic, without expecting the 118k–120k range to hold forever.

Additional Resources for Bitcoin Traders

Every trading day, I use a small set of tools. For clean charts and scripts from the community, I go to TradingView. I look at Glassnode and CryptoQuant for deep on-chain data like price clusters and exchange flows. I also read CoinDesk and Cointelegraph for up-to-date market news and check Binance or Coinbase for their order books.

I suggest three books that really made me think differently about bitcoin and trading. “Mastering Bitcoin” by Andreas M. Antonopoulos teaches about how bitcoin works. “Technical Analysis of the Financial Markets” by John J. Murphy shows how to read charts. And “The Bitcoin Standard” by Saifedean Ammous offers insights on money history and economics. They combine technical knowledge with a big-picture view, which is useful for analyzing bitcoin trends and price levels.

When learning, balance structured courses with practical experience. Coursera and Udemy have good courses on technical analysis. Glassnode Academy is great for on-chain analytics, and Binance Academy or Coinbase Learn have guides for their platforms. I use video lessons and practice on live charts. This approach helps with spotting trends and understanding risks. For those seeking more bitcoin resources or online courses, this blend is efficient and effective.