Bitcoin price is currently trading at about $123,280, which is up 0.44% from yesterday. It broke through the $122,000–$122,500 resistance level. The breakout comes after a lot of buying pressure and strong outflows from exchanges, with spot netflow data showing a $78.50M withdrawal on August 14. This indicates heightened accumulation as BTC tests the upper boundary of its rising channel. What’s Happening With Bitcoin’s Price? BTC price dynamics (Source: TradingView) BTC has been going up strongly on the daily chart since late July, breaking a change of character (CHoCH) level and getting back into a bullish structure. Price is now testing a weak high around $123,287, and the Parabolic SAR dots are far below price at $114,352, which shows that the market is bullish. The main area of demand is between $112,000 and $116,000, which is where a lot of order blocks from recent accumulation phases are located. BTC price dynamics (Source: TradingView) The 4-hour chart shows that BTC price is trading in an upward channel, following both trendline support and resistance. The midline has been a short-term dynamic pivot, and the price is now getting close to the upper channel boundary at around $124,200. The Money Flow Index (MFI) is at 85.27, which means that the market is overbought. This means that momentum is strong but may need to cool down soon. Why Is The Bitcoin Price Going Up Today? BTC Spot Inflow/Outflow Data (Source: Coinglass) The current rally is supported by both technical and liquidity factors. Exchange data shows a substantial spot outflow of $78.50M on August 14, signaling reduced selling supply and increased accumulation by large holders. This aligns with the bullish breakout from the $118,500–$120,000 range earlier this week. BTC price dynamics (Source: TradingView) Technically speaking, the 4-hour 20/50/100/200 EMAs exhibit a bullish alignment, with the 20 EMA at $120,467 offering immediate dynamic support. Bollinger Bands on this timeframe are expanding sharply, confirming a volatility breakout phase. BTC price has also cleared R4 pivot resistance at $122,556, with the next major target sitting near R5 at $126,785. Bollinger Bands, Supertrend, and EMA Signals Point to Bull Control BTC price dynamics (Source: TradingView) BTC’s 4-hour Bollinger Bands show price riding the upper band after bouncing from the 20 EMA earlier in the week. The bands are widening, which often precedes continued directional movement. EMA confluence further reinforces the bullish case, with $118,673 (50 EMA) and $117,598 (100 EMA) acting as layered support if a short-term pullback occurs. The 200 EMA at $116,131 marks the key dynamic level for maintaining the mid-term trend. BTC price dynamics (Source: TradingView) The Supertrend indicator on the daily timeframe remains bullish, with trend support at $115,330, far below current market price, giving bulls a wide buffer zone. The DMI indicator on the daily chart shows +DI at 30.97 firmly above -DI at 21.75, with ADX at 11.50 beginning to rise, a sign that trend strength may increase if price sustains above current levels. BTC Price Prediction Short-Term Outlook (24H) If Bitcoin price maintains momentum above $123,000, the immediate resistance to watch is $124,223 (channel resistance and pivot confluence). A breakout above this zone could accelerate gains toward $126,785, with $128,000 as the next liquidity magnet. On the downside, failure to hold $122,000 could trigger a retest of the $120,450–$120,470 support cluster (20 EMA and lower Bollinger Band). Below that, $118,500 becomes the key downside target, aligning with the channel’s lower midline. Bitcoin price has a short-term upward bias today because of the way the indicators are lined up, the strong outflows, and the bullish structure. However, the MFI levels are overbought, so we should keep an eye on them for possible consolidation before the next leg up. Bitcoin Price Forecast Table August 15, 2025 Indicator/Zone Level / Signal Bitcoin price today $123,280 Resistance 1 $124,223 (channel top / pivot R1) Resistance 2 $126,785 (R5 pivot) Support 1 $122,000 Support 2 $120,467 (20 EMA) 20/50/100/200 EMA (4H) $120,467 / $118,673 / $117,598 / $116,131 (bullish stack) Bollinger Bands (4H) Expanding, price at upper band Supertrend (1D) Bullish, support at $115,330 DMI (1D) +DI 30.97, -DI 21.75, ADX 11.50 MFI (4H) 85.27 (overbought) Spot Netflow (Aug 14) -$78.50M (bullish accumulation) Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.