Bitcoin price prediction: BTC holds above $121k despite profit-taking

Traders Union
All News
Crypto News
BTC holds above $121k

All news

Top Stories

Editors' Picks

Crypto News

Financial News

Market Voices

Billionaires

Companies

Broker News

Regulators News

Sholanke Dele

14.08.2025

Bitcoin price prediction: BTC holds above $121k despite profit-taking — Bitcoin sentiment climbs from neutral to greed

Bitcoin price extended its record-setting momentum earlier on Thursday, August 14, as the Asian session saw the flagship cryptocurrency reach a fresh all-time high of $123,770 on Binance.

This advance followed a strong rebound from selling pressure earlier in the week, when price retreated from its prior record at $122,200. The latest peak reinforced the prevailing bullish sentiment, but price action has since shifted direction in the European session, sliding to an intraday low near $121,100.

- Bitcoin hits $123,770 today before sliding to $121,100 for a 1.2% daily loss

- Fear and Greed Index at 68 and RSI at 64 show bullish bias with room for more gains

- Long/short ratio at 1.210 falling as traders lock profits and open shorts

The retracement has pulled Bitcoin into a 1.2% loss on the day, though the broader trend remains positive. Week-to-date performance stands at a 2.25% gain, while month-to-date returns have now extended beyond 5%. This resilience is also reflected in sentiment data. The Binance fear and greed index has moved to a “greed” reading of 68 from a neutral stance last week, indicating that global market participants still see potential for further upside, possibly toward the $125,000 psychological level.

Bitcoin price dynamic (July - August 2025). Source: Tradingview

Momentum indicators suggest there is still room for further gains. The daily Relative Strength Index is at 64, below the overbought threshold of 70, despite this week’s series of record highs. This positioning gives scope for renewed buying pressure without the immediate risk of a momentum reversal typically associated with overbought conditions.

Bitcoin could push higher if long/short ratio at 1.210 stays balanced

Positioning data also sheds light on the market’s structure. The aggregated long-to-short accounts ratio stands at 1.210, showing more long accounts than short. However, the ratio has been declining during Bitcoin’s rise to the new peak, suggesting that some traders have been closing longs to lock in profits, while others have initiated short positions anticipating a reversal. This shift implies that the rally has not been entirely fueled by aggressive long chasing, creating a more balanced positioning profile. Such balance can support the sustainability of the move in the short term, as there is less immediate risk of a mass long liquidation. On the flip side, if shorts increase and price holds steady, a short-covering squeeze could provide the next leg higher.

Technically, the pullback is finding potential support around the Fibonacci 50% retracement level at $121,000, reinforced by the 1-hour 50 EMA. A deeper retracement could bring price toward the 61.8% Fibonacci level, which aligns closely with the $120,000 psychological mark. These levels will be closely watched for dip-buying interest that could re-energise the uptrend.

Bitcoin futures premium dropped below 7% showing speculative demand weakened. Bitcoin formed a lower-low lower-high pattern, confirming short-term bearish pressure.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.