Bitcoin On the daily chart, bitcoin continues

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Bitcoin Price Watch: Technical Tension Builds Near $117K Resistance

Bitcoin Price Watch: Technical Tension Builds Near $117K Resistance

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WRITTEN BY

Jamie Redman

Jamie Redman

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Bitcoin opened the Sept. 17 session at $116,276 with a total market capitalization of $2.31 trillion and a 24-hour trading volume of $43.10 billion. During the session, the price moved within an intraday range of $114,866 to $117,292, reflecting both bullish resilience and selling pressure at higher levels.

Bitcoin

On the daily chart, bitcoin continues to consolidate just below the $117,500 resistance area after recovering from a local low of $107,270. While the recent climb appears technically constructive, declining volume throughout the rally suggests that bullish momentum is waning.

Key support remains near the $112,000 to $114,000 region, where a pullback could attract renewed buying interest. Traders may consider waiting for a dip into this range with a strong bullish reversal before initiating long positions. A breakout above $117,500 would need to be accompanied by high volume to confirm strength.

Bitcoin Price Watch: Technical Tension Builds Near $117K Resistance

BTC/USD 1-day chart via Bitstamp on Sept. 17, 2025.

The 4-hour bitcoin chart reveals a more cautious outlook following a swift rally from $114,137 to $117,323. A bearish engulfing candle has appeared after the recent top, accompanied by a red volume spike, indicating strong overhead resistance and the possibility of a near-term correction. The $115,200 to $115,500 area could serve as a short-term bounce zone if buying pressure returns, but the absence of follow-through above $117,000 may limit upside potential in the immediate term. Unless price action clears recent highs with volume support, the bias remains cautious.

Th Bitcoin should be peer-to-peer cash, or just digital gold 2025/9/17

Solana and Hyperliquid take center stage Bitcoin and Ethereum took supporting roles this week, posting modest gains of five and six percent respectively, while Solana stole the spotlight with its twenty percent price increase. Presumably Solana’s outperformance is from market participants front-running the impending U.S. spot Solana ETFs and a billion-dollar DATs (Digital Asset Treasuries). That DAT, Forward Industries, could also give Solana its Tom Lee in Kyle Samani who will serve as chairman. Zooming out, I’ve lately been more receptive to views that we are not late in the current cycle. In fact, we might be closer to the beginning than the end of this cycle. Keep that in mind when you read the following post:   “In case you missed it, there are over 90 crypto ETFs pending SEC approval (see chart below via @JSeyff ) At this rate we'll have one for every top 30- 40 #crypto inside 12 months, even with delays. Inflows may surprise for some, but others are still bottom bouncing on LT charts.”   We could be in for a wild 2026. Bitcoin, stablecoins, and the revenue narrative are what I am paying the most attention to over the next twelve to eighteen months. All three had interesting stories this week. First up is Bitcoin. Sign up now The question of whether Bitcoin should be peer-to-peer cash, or just digital gold as it is now, continues. Jack Dorsey believes simply being a store of value (SoV) won’t be sufficient, but some people I respect, such as Nic Carter disagrees. Still others, like Charles Calomiris on the most recent episode of Hidden Forces, think that stablecoins, not Bitcoin, will enable a radical improvement of the concept of unit of account and medium of exchange. Next, stablecoins and the revenue narrative. Something all of us crypto-native investors have had to wrestle with is how to express our bullishness on the rise to prominence of stablecoins, since equity in stablecoin issuers isn’t really possible on-chain right now. Well, perhaps Hyperliquid is the best way, especially in light of how much USDH dominated CT (Crypto Twitter) discourse this week. USDH is no more than a reserved ticker on Hyperliquid, yet it had seven high-profile stablecoin projects (Native Markets, Paxos, Athena, Sky, Agora, Bastion, and Frax) vying for the coveted ticker. Many on CT were impressed that these bidders were writing public love letters while fighting each other. They even submitted revised proposals. It wasn’t all good vibes. Haseeb Qureshi of Dragonfly posted on X that this process was all political theatre, that Native Markets was the predetermined winner. Several validators replied that Mr. Qureshi was wrong. As a HYPE bag holder, I agree with Flood: “I’m ethically and economically aligned with whoever wins the USDH proposal.” Jokes aside, The Bachelor USDH edition will likely have long-lasting effects outside of Hyperliquid. It has already led Mert, Solana royalty, to muse that a blockchain ecosystem should get the majority of the dominant stablecoin’s yield. Currently that yield is captured by the issuer (Circle, Tether, Paxos, Sky, etc.). Hyperliquid has shown that this will change. Very cool stuff. The news last week of stablecoin-focused “corpo” chains (Tempo and GCUL), has some in the blockchain space alarmed. I thought this articulated why well. Speaking of Tempo, Ethereum advocates did not react well to these potential Ethereum L2s choosing instead to be EVM-compatible L1s. Some, like Bankless's Ryan Adams, claimed it was a 50% win for Ethereum, which he counts as a win. This seems downright reasonable when contrasted to others, such as this X poster who outlined a way Tempo could be an L2. The following quote is one of five components to make Tempo retain its feature set but be an L2:   “use multiple L2s automatically under the hood in the tempo SDK. Especially fractal L3 scaling settled on tempo L2 validium and ultra scale L2s like Mega and Rise.”   I like Ethereum and its ecosystem. I agree with Omid Malekan that Ethereum’s credible neutrality and robust decentralization is valuable. I’m an ether bagholder, but comments like the above, and stories like this one make me question whether Ethereum will win in the long term. On the other hand, Ethereum is still home to the most bulletproof defi protocols, and some of the most innovative ones. For example Wildcat, which has created an innovative marketplace for uncollateralized loans. This week Wildcat had its first default, an unfortunate but inevitable outcome. Wildcat gave a good overview of what happens next.  Finally, the last story is a reminder of just how crazy, detached from reality the last cycle got. The news that a Bored Ape holder sold his JPEG for $37,000 after buying it for $425,000 was mostly met with jeers and disbelief that things got so out of hand last cycle. However, the most interesting take was that this speculative (sometimes outright criminal) yet widely condemned part of crypto is in fact a pressure valve of sorts, allowing the overall economy to proceed without bubbles forming. I hope that’s true! -David Sencil News The Case for Including Bitcoin in Official Reserves Bitcoin has strengthened its place as a tactical asset for reserve managers and national governments alike,… read more.   Editor’s comment: I really appreciate this measured argument. Far too often, Bitcoiners sound like they believe Bitcoin will do everything from replacing both the dollar and gold, to curing cancer.   Stealth Landing: Fidelity Quietly Debuts Ethereum-Based Tokenized Treasury Fund Fidelity Investments has quietly launched an onchain tokenized share class of a U.S. Treasuries… read more.   Editor’s comment: This is further evidence that institutions prefer Ethereum.    Robert Kiyosaki Says ‘Europe Is Toast’ as Economic Insanity Has Him Buying More Bitcoin Bitcoin is surging as the ultimate hedge while global economies unravel, bond markets plunge, and fiat… read more.   Editor’s comment: Kiyosaki sees sovereign bonds, not just the U.S.’ as poor investments. Gold and Bitcoin are good hedges.   HYPE Rallies to All-Time High as Hyperliquid Aims to Expand Stablecoin Infrastructure Amid the competition to secure a role in providing stablecoin infrastructure for USDH, Hyperliquid’s native… read more.   Editor’s comment: Hyperliquid has risen due to being the premiere project of the revenue narrative. It rose this week for getting into the stablecoin one   Stripe and Paradigm Unveil Tempo, a Blockchain Designed for Payments Crypto venture capitalist and Paradigm co-founder Matt Huang says, “Tempo is purpose-built… read more. Editor’s comment: New EVM-compatible L1s like Tempo weaken the whole thesis of the Ethereum system: a battle tested decentralized main chain with a halo of L2s and L3s.  Read more news

Kanye West YZY sniper wallet linked to $21M LIBRA extraction scheme: Analysts

#1 Coinbase predicts trillion-dollar stablecoin era by 2028 The total US dollar-pegged stablecoin market is projected to swell to $1.2 trillion by 2028, spurred on by comprehensive crypto regulations in the United States, according to crypto exchange Coinbase. Coinbase said the projections mean the US Treasury issuance would have to be $5.3 billion per week over the next three years to satisfy demand from stablecoin issuers, who use short-term US Treasury bills as backing collateral for their digital fiat tokens. This issuance schedule would cause a minor and temporary drop in three-month Treasury yields of about 4.5 basis points, contrary to analyst predictions that demand from stablecoin issuers will significantly reduce the interest on US government debt. Coinbase wrote in a market report: “We think the forecast doesn’t require unrealistically large or permanent rate dislocations to materialize; instead, it relies on incremental, policy-enabled adoption compounding over time.” Get the full story

#2 Bitcoin’s 4-year cycle may not be dead after all: Glassnode Bitcoin’s recent price action may still be tracking its historic four-year halving cycle, despite some market predictions that increasing institutional interest will break the pattern, according to onchain analytics firm Glassnode. “From a cyclical perspective, Bitcoin’s price action also echoes prior patterns,” Glassnode said in a markets report on Wednesday. Glassnode said several factors suggest that the Bitcoin cycle may be further along than the market assumes. Profit-taking among long-term holders — those holding Bitcoin for more than 155 days — is now “comparable to past euphoric phases, reinforcing the impression of a market late in its cycle,” it said. Glassnode also pointed to weakening demand, with capital inflows into Bitcoin “showing signs of fatigue.” Spot Bitcoin exchange-traded funds have posted outflows of about $975 million over the past four trading days, according to Farside Investors. Continue Reading

#3  Kanye West YZY sniper wallet linked to $21M LIBRA extraction scheme: Analysts An onchain investigation by pseudonymous analyst Dethective linked a wallet that sniped the Kanye West-themed token YZY to another set of wallets behind the LIBRA token, suggesting that the same operator extracted tens of millions of dollars using insider knowledge. In a series of X posts on Thursday, Dethective revealed that a YZY sniper wallet managed to buy $250,000 worth of tokens at just $0.20, far below the price most traders paid. Within minutes, the wallet secured over $1 million in profit, which was later funneled into a treasury wallet. The same treasury wallet had also received large sums from wallets tied to LIBRA’s launch six months ago. Two “Libra sniper” wallets extracted a combined $21 million. In total, nearly $23 million was pulled across the YZY and LIBRA launches, with funds later moved to Kamino or Binance. “We can be sure this is someone with clear inside info,” Dethective wrote. “The proof is that he did not snipe any coin besides $YZY and $LIBRA and he was prepared with huge size.” Continue Reading

Prediction of the Week ETH ‘god candle’ emerges amid Fed rate cut hopes: Is $6K Ether next? Ether’s price displayed strength at the Wall Street open on Friday, rising 13% to $4,788 following Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. ETH price rallied from $4,200 within minutes, reclaiming $4,600, a level that has suppressed the price over the last seven days, per data from Cointelegraph Markets Pro and TradingView. This performance follows Powell’s Jackson Hole speech, where he hinted at a potential interest rate cut in September, signaling a dovish stance that boosted market optimism. Interest rate cut odds for the Sept. 17 FOMC meeting have now jumped to 91.5% from 75% a day prior, according to the CME Group Fedwatch tool. Continue Reading

FUD of the week Interpol coordinates crackdown on illegal Angola-based crypto miners The International Criminal Police Organization, or Interpol, announced more than a thousand arrests and the seizure of about $100 million as part of a crackdown that included cryptocurrency miners and fraudsters. In a Friday notice, Interpol said it had coordinated with authorities in Angola to dismantle 25 crypto mining centers being illegally run by 60 Chinese nationals. The organization said it had seized equipment worth more than $37 million, which the Angolan government plans to distribute to “vulnerable areas.” Continue Reading

FUD of the week Coinbase tightens workforce security after North Korea remote-worker threats Coinbase, the world’s third-largest cryptocurrency exchange by volume, has come under a wave of threats from North Korean hackers seeking remote employment with the company. North Korean IT workers are increasingly targeting Coinbase’s remote worker policy to gain access to its sensitive systems. In response, Coinbase CEO Brian Armstrong is rethinking the crypto exchange’s internal security measures, including requiring all workers to receive in-person training in the US, while people with access to sensitive systems will be required to hold US citizenship and submit to fingerprinting. “DPRK is very interested in stealing crypto,” Armstrong told Cheeky Pint podcast host John Collins in a Thursday episode. “We can collaborate with law enforcement […] but it feels like there’s 500 new people graduating every quarter, from some kind of school they have, and that’s their whole