Bitcoin recently regained its significant Fibonacci retracement level on its 4-hour chart, demonstrating its remarkable strength. The move shows a new bullish momentum as cryptocurrencies approach a key zone of resistance.
Traders and investors are closely watching the $117,968 level, which serves as a short-term ceiling. A critical breakout on top of this realm could drive Bitcoin towards a higher target, potentially reaching $118,500-120,000 in the near future.
Key Levels and Trend Outlook
Instant support for Bitcoin is around $115,980 and $114,420, which correspond to the 0.786 and 0.618 Fibonacci levels. If sales pressures are increased, a $113,324 zone along multiple EMAs will provide a strong demand area. Beyond that, $112,228 marks the next important support if the market is facing deeper pullbacks.
Sol Price Dynamics (Source: TradingView)
The upward trajectory from the $108,680 low reversed the 50 and 100 EMA zones to nearly $113,000 support. By keeping momentum going above $116,000, it could encourage buyers to push it to a fresh high. However, if it exceeds $115,980, a retracement into an EMA cluster can cause around $113,000-$113,500.
Futures market activities show continuous involvement
Open interest in Bitcoin futures has skyrocketed throughout 2025, rising from under $20 billion earlier this year to over $80 billion in October. This growth indicates an increase in speculative activity and an increase in institutional participation.
Source: Coinglass
Expanding open interest supports bullish outlook, but it also shows sophisticated volatility during sharp price fluctuations. Currently, the $80 billion level strengthens Bitcoin’s dominance in derivative trading and highlights strong market engagement.
Source: Coinglass
Recent inflows and outflows reflect a careful accumulation. On October 1, Bitcoin saw a modest positive outflow of $23.23 million, suggesting slight short-term sales pressure. Nevertheless, the broader accumulation trend remains intact, supporting a medium to long-term perspective.
Related: Would you like to buy Bitcoin in 2025? This is the safest and easiest route
Michael Saylor’s Ambitious Trillion Dollar Strategy
Michael Saylor, executive chairman of strategy, outlined his ambitious vision for the adoption of Bitcoin by companies. He compares the potential for Bitcoin conversion to breakthroughs such as electricity and oil, and frases it as a form of digital energy. Saylor is hoping to “trillion dollar endgames” with the aim of accumulating Bitcoin on a large scale, redefineing the corporate treasury ministry.
According to Saylor, Bitcoin offers a unique combination of cyberspace wealth, capital and energy. This allows for the transfer of value across both time and space, creating opportunities for businesses and institutions seeking long-term wealth preservation. Importantly, this strategy can affect the institutional involvement of a company’s financial practices and digital assets.
Technical outlook for Bitcoin prices
Bitcoin showed a strong recovery after regaining its critical Fibonacci retracement level, showing a new bullish momentum towards October.
Key Levels and Trend Outlook
- Upside Level: A short-term ceiling of $117,968, then if the buyer maintains strength, the potential expansion would be $118,500-$120,000.
- Disadvantage level: Immediate support is available at $115,980 (0.786 FIB) and $114,420 (0.618 FIB). Additional support zones are $113,324 (EMA cluster) and $112,228 if sales are enhanced.
- Ceiling of resistance: $117,968 remains a critical level to lose its bullish momentum over the medium term.
Technical photos suggest that Bitcoin is consolidating beyond the major EMA clusters, suggesting that a critical breakout is likely to expand volatility and continuity of trends in either direction. It is important for the bull to maintain upward pressure to be maintained at over $115,980.
Will Bitcoin be expensive?
Bitcoin’s short-term trajectory depends on buyers who hold a support zone while trying to infringe $117,968. A successful breakout could cause momentum to crash between $118,500 and $120,000, but if you fail to hold $115,980, you might see a retrace between $113,000 and $113,500.
Related: Ethereum Price Forecast: Can ETH beat $4,300 to reach its $4,565 target?
Futures market activity and inflow/outflow indicate careful accumulation along with strong institutional participation. Positive developments, including Michael Saylor’s vision of “The Trillion Dollar Strategy,” add a structural bullish narrative and strengthen Bitcoin’s potential as a valuable reservoir.
Disclaimer: The information contained in this article is for information and educational purposes only. This article does not constitute any kind of financial advice or advice. Coin Edition is not liable for any losses that arise as a result of your use of the content, products or services mentioned. We encourage readers to take caution before taking any actions related to the company.
