BTC Struggles Near $116K
Bitcoin Price Forecast: BTC faces rejection despite the highest weekly ETF inflows since mid-July Market Overview Bitcoin (BTC) traded slightly below $115,000 on Monday, facing resistance near $116,000 after recovering nearly 4% last week. This indecision in price action comes despite strong institutional demand and robust ETF inflows, with United States–listed spot Bitcoin Exchange Traded Funds (ETFs) recording $2.34 billion in weekly inflows — the highest since mid-July. Meanwhile, firms such as Capital B and Prenetics have added BTC to their reserves, and the market shows signs of resilience even amid near-term resistance.
Bitcoin Spot ETFs Record Over $2.3 Billion in Inflows Institutional investors have contributed to Bitcoin’s price recovery. According to SoSoValue data, spot Bitcoin ETFs in the United States recorded a total of $2.34 billion in inflows last week, marking the third consecutive week of positive flows. This was the highest weekly inflow since mid-July, signaling renewed institutional demand. If this trend continues and strengthens, BTC could see further price recovery.
Corporates Add More BTC to Reserves Alongside strong institutional inflows, corporate demand for BTC also remained firm. Capital B announced on Monday that it had added 48 BTC, bringing its total holdings to 2,249 BTC. During the same period, BitcoinTreasuries.NET data showed that publicly traded healthcare company Prenetics added 40.6 BTC and announced plans to accumulate 1 BTC daily — the firm currently holds 228 BTC.
CryptoQuant data indicates that since July 2024, “Shark” wallets (holding between 100 and 1,000 BTC) have accumulated nearly 1 million BTC, bringing their total balance to approximately 5.9 million BTC — highlighting growing confidence among mid-sized investors.
Market Prepares for a Major Move CryptoQuant data also shows that the Bitcoin Scarcity Index on Binance experienced a sudden positive spike on Sunday — the first since last June. Such a spike often means a large amount of Bitcoin was withdrawn from the platform or that sell orders dropped significantly, making the available supply suddenly scarce. Historically, when this metric spikes and remains positive for several consecutive days, BTC has rallied sharply — as seen in June, when it surged toward $120,000 for the first time.
Bitcoin Price Forecast: BTC Could Head Toward $120K if It Closes Above Key Resistance Bitcoin extended its second consecutive week of recovery, rising 3.72% last week. However, it encountered resistance around the $116,000 daily level on Saturday and declined slightly the following day. As of Monday, it continues to face rejection from this key daily resistance.
If BTC closes above the $116,000 daily resistance level, it could extend its rally toward the psychological $120,000 mark. The Relative Strength Index (RSI) on the daily chart reads 54, indicating bullish momentum but pointing downward toward the neutral 50 level. The Moving Average Convergence Divergence (MACD) indicator on the same chart showed a bullish crossover on September 6, which remains in effect — signaling sustained bullish momentum and an upward trend ahead.
On the downside, failure to close above $116,000 could extend the correction toward the 50-day Exponential Moving Average (EMA) at $113,393.