Bitcoin Price Prediction: BTC Price Rebounds Above $113K, Is $120K In Sight Today?

Bitcoin is holding steady above $113,000 after briefly dipping to two-week lows, keeping traders on edge ahead of a pivotal week for markets. The cryptocurrency is trading at $113,066, with daily volumes near $64.1 billion and a market cap of $2.25 trillion.

While BTC slipped 0.50% over the past 24 hours, it remains the world’s top digital asset, with 19.9 million coins in circulation out of a maximum 21 million.

Market sentiment was lifted after Elon Musk denied reports that he had abandoned plans for a pro-Bitcoin political movement called the “America Party.” In response to a Wall Street Journal report suggesting a retreat, Musk stated on X: “Nothing @WSJ says should ever be thought of as true.”

The initiative, first introduced in July, positioned Bitcoin as a cornerstone of financial reform, drawing support from billionaire investors like Mark Cuban and Tim Draper. Draper noted, “I hope the Tesla CEO is able to reduce government debt and regulations.”

JUST IN: Elon Musk is reportedly putting a pause on his plans to launch his pro-Bitcoin "America Party", choosing to focus on his companies instead per WSJ pic.twitter.com/CUP3wqAPmg

While Musk dismissed claims of a 2028 campaign partnership with Vice President J.D. Vance, his reaffirmation ties Bitcoin closely to his political brand. For investors, Musk’s ongoing advocacy strengthens the case for wider adoption in the U.S. and signals potential policy momentum that could boost demand.

In parallel, Binance announced it will migrate its USDT yield farming program onto the Plasma Bitcoin Stablecoin Network, which launches its mainnet in September with its native XPL token. The program filled its $250 million cap in less than an hour, offering users roughly 2% APR in USDT plus 1% of the total XPL token supply.

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Backed by PayPal co-founder Peter Thiel and Tether CEO Paolo Ardoino, Plasma aims to dominate stablecoin infrastructure with private transactions and gasless payments.

With Binance’s 280 million users, this integration is expected to deepen the liquidity pipeline between stablecoins and Bitcoin. Analysts suggest this could enhance BTC’s role as a settlement layer in DeFi markets and fuel long-term demand.

Key takeaways:

• Binance-Plasma integration boosts stablecoin-to-BTC liquidity.
• High demand: $250M cap reached in under an hour.
• Regulatory alignment with the U.S. GENIUS Act supports third-party yield offerings.

According to technical analysis, the Bitcoin price prediction remains bearish, as BTC’s chart indicates caution rather than a bearish trend. Price is below the 50-day SMA at $116,150 after a big rejection at $124,450, where a bearish engulfing candle capped July’s rally.

Analysts are looking at a head and shoulders formation with a neckline at $112,000. A break below this zone could see further down to $108,000-$105,150.

Momentum indicators are defensive. RSI is at 41, indicating room for further decline, and MACD remains negative, indicating ongoing selling pressure. Multiple red candles are like the start of a “three black crows” pattern, which is a precursor to deeper pullbacks.

But the bigger picture is still intact. Since June, Bitcoin has held higher lows with $113K dojis, just hesitation, not capitulation. A move above $116,150 could quickly change the sentiment, potentially opening up to $120,900, then $124,450, and then $127,540 and beyond.

For traders, the setup is binary:

• A close below $112K invites shorts targeting $108K–$105K.
• A recovery above $116K favors longs toward $124K–$130K.

Despite short-term turbulence, long-term sentiment remains constructive. Roughly 300 institutions and funds now hold 3.67 million BTC, representing over 17% of supply, reinforcing confidence that Bitcoin corrections are steps in a broader cycle toward higher milestones.

Bitcoin Hyper ($HYPER) is positioning itself as the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM). Its goal is to expand the Bitcoin ecosystem by enabling lightning-fast, low-cost smart contracts, decentralized apps, and even meme coin creation.

By combining Bitcoin’s unmatched security with Solana’s high-performance framework, the project opens the door to entirely new use cases, including seamless BTC bridging and scalable dApp development.

The team has put strong emphasis on trust and scalability, with the project audited by Consult to give investors confidence in its foundations.

Momentum is building quickly. The presale has already crossed $11 million, leaving only a limited allocation still available. At today’s stage, HYPER tokens are priced at just $0.012775—but that figure will increase as the presale progresses.

You can buy HYPER tokens on the official Bitcoin Hyper website using crypto or a bank card.

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