Bitcoin has broken through the $115,000 resistance level, setting its sights on $118,327. Despite this technical achievement, the cryptocurrency's momentum is fragile due to inconsistent demand and weak network activity. Over 120,000 BTC were acquired between $112K and $114K, indicating opportunistic accumulation, yet long-term holders recently realized $44.5 million in profits, suggesting a lack of strong conviction. Glassnode data reveals sparse supply in the $110K–$116K range, creating an 'air-gap' that limits reliable support. Network growth and transaction counts have shown volatility, with recent declines indicating weakening user engagement. CoinGlass reports a positive Spot Netflow of $33.25 million on August 7th, hinting at renewed buying interest, but sustained inflows and user participation are essential for confirming a bullish breakout.