Bitcoin Holds Firm Above $111k - Could $117k Be Next?

Bitcoin continues to defy expectations, stabilising above the critical US$111,000 support level despite heavy selling pressure from large holders. The world’s largest cryptocurrency has traded in a tight range for the past two weeks, with support around US$107,000 and resistance near US$113,500 – but momentum is quietly building.

Traditionally, September has been a difficult month for Bitcoin, with historical averages showing a -3.25% return. This year, however, the script looks different. BTC is currently trading 3.5% higher than the August close, holding above US$112,000 and signalling stronger sentiment than usual for this time of year.

Many analysts believe a break above US$115,000 could flip broader market sentiment, potentially setting the stage for another rally.

Interestingly, Bitcoin’s resilience comes even as whales (large holders of BTC) have been selling at scale. Over the past 30 days, reserves held by whales have dropped by more than 100,000 BTC, representing over US$12 billion in value.

This marks the largest whale sell-off since July 2022. Despite that, Bitcoin has defended the US$110,000 support, reinforcing confidence in the market’s underlying strength.

Data from CoinGlass highlights a significant cluster of short positions worth US$3.35 billion sitting just above current prices. Should BTC climb toward US$117,000, forced liquidations could accelerate buying, creating a feedback loop that drives the price higher.

In simple terms: if the market pushes into that zone, short sellers may be forced to buy back rapidly, potentially fuelling the next sharp move upward.

Bitcoin’s ability to hold ground in the face of whale selling is a powerful signal. With sentiment improving and derivative markets setting up for a possible short squeeze, all eyes are on whether BTC can break the US$115k–117k range in the days ahead.