Bitcoin’s price has been quietly making gains recently, edging up by about 4.17% over the past week and now sitting just shy of $118,000.
As traders get ready for the week ahead, top crypto analyst KillaXBT shared some thoughts on where Bitcoin might be headed next, breaking down key technical factors and potential price moves.
Monthly Open Flip Could Signal Bullish Momentum
In a detailed update shared on X, KillaXBT pointed out that Bitcoin started August strong by flipping the monthly open price of roughly $115,752 into solid support.
For traders, this move often suggests the bulls have the upper hand.
But there’s a catch — historically, the first few days of a new month can be unpredictable, with Bitcoin’s price often whipping either higher or lower, creating what some call a “monthly open trap.”
This means market watchers should stay alert for either a sustained upward push or a quick dip driven by liquidity seekers before any clear trend emerges.
Liquidity Zones and Key Resistance Levels
Another important detail KillaXBT highlighted is the build-up of major Bitcoin liquidations above the $120,000 level, coinciding with last week’s open at about $119,414.
This area acts like a magnet for price action and is seen as a likely target if the bullish setup holds.
Right now, Bitcoin is testing a short-term downtrend line on smaller time frames.
If it breaks convincingly above this line, it could trigger a strong move towards $120,000 and even higher.
However, traders should be cautious of potential “liquidity hunts,” where the price might dip briefly to shake out overextended positions before pushing upward again.
Two Possible Paths for Bitcoin This Week
KillaXBT lays out two scenarios for what might happen next:
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Bitcoin continues its upward trajectory, pushing into the $120,000 zone and maybe even challenging the monthly all-time high near $123,186.
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This would keep in line with the current bullish structure, which shows no signs of weakening just yet.
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Bitcoin fails to break higher and instead forms a lower high, dropping below $115,700.
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If that happens, the next key support is found between $110,000 and $112,000, around a technical area called the monthly fair value gap at $111,955.
Right now, the analyst leans toward the first scenario since the market is showing solid bullish momentum without clear bearish signals.
But it’s also possible the price dips early in the week—perhaps Monday or Tuesday—to clear out overleveraged long positions before rallying again.
What to Watch in the Coming Days
KillaXBT emphasizes that if Bitcoin can keep making higher highs and higher lows on intraday charts, it would strongly confirm the bullish outlook.
But if it fails to hold those levels, sentiment could quickly swing bearish.
At the time of writing, Bitcoin was trading just under $118,000, showing a modest 1.11% gain in the last 24 hours — a steady if cautious rise.
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