Bitcoin Eyes $120K if Weekly Close Holds Above $114K
TL;DRBitcoin Tests $114K Level AgainBitcoin has recovered in the past week or so after reaching a low near $107,000 earlier this month. That zone marked the end of its measured move, and the price has since pushed back above $114,000, trading close to $115,000.Analyst Rekt Capital said,“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 level has acted as resistance in recent weeks. Holding above it on the weekly close would open the way toward the $114,000–$120,000 range.Rekt Capital noted that Bitcoin “needs to stay above ~$114k as it heads into the new Weekly Close” and should build a cluster around this level, similar to early August.Trader Ted pointed to $117,200 as the next resistance and wrote,“$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.”If the move fails, Bitcoin could revisit recent monthly lows.Liquidations Drive Short-Term SpikeGlassnode data shows that a wave of short liquidations near $115,000 pushed the latest surge. The liquidations were triggered across exchanges between 9–10 p.m. UTC and matched signals from its Hyperliquid heatmap.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. pic.twitter.com/l9z8RS7ECM— glassnode (@glassnode) September 12, 2025The cascade of liquidations added momentum, helping Bitcoin clear overhead resistance levels and driving volatility higher as the week developed.Short-Term Holders Realizing LossesData from CryptoQuant shows that short-term holders are realizing losses again after four months of steady gains. Analyst G a a h said,“This change is significant, as it indicates a momentary loss of confidence on the part of speculators.”The Spent Output Profit Ratio (SOPR) for short-term holders has dropped below 1. In previous cycles, market peaks formed when short-term holders booked heavy profits, often during periods of extreme greed. This time, those conditions have not appeared, suggesting the rally has been sustained by larger investors.If Bitcoin holds $114,000 into the weekly close, analysts see scope for continuation toward $120,000 in the near term.