Bitcoin has fallen more than 9 percent from its all-time record high of $124,500, a reflection of the recent pressure to sell. The bears, however, have been unable to bring the price down below the $105,000 level, which, so far, has acted as the firm base for the market. The debate among analysts is intensifying—some are calling for a deeper correction that could reset overheated sentiment, while others see current price action as a prelude to another test of all-time highs.
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Maartunn, top analyst at Maartunn Group Ltd. shared new insights. He described the current climate as an a “major Bitcoin reshuffle.” He claims that old coins have been increasingly flowing into ETFs wallets. This phenomenon is marked by three waves of significance: summer 2024; fall 2024 and summer 2025. In contrast to previous cycles in which such events were usually only repeated once and then faded, the supply has been rotated repeatedly during this cycle.
This trend is unusual and highlights the structural change in Bitcoin’s market dynamics. The long-term investors appear to be decreasing their exposure while ETFs, institutional vehicles and other financial instruments continue to absorb. supply. Bitcoin’s future trajectory will depend on whether this market redistribution stabilises the market, or if it fuels more volatility.
Market Dynamics: Old Bitcoin supply Unlocked
Maartunn has reported that there was a large movement recently of 7 626 BTC, aged from three to five. The type of activity It is noteworthy because long-term investors are deciding to put dormant coin back in circulation. Such events have historically coincided with increased market uncertainty, and a shift in investor behaviour. This reinforces the story that Bitcoin’s future is shaped by old supply.
Bitcoin, despite this pressure to sell, has been able to maintain its price above $110,000, demonstrating resilience against the profits taken by long-term owners. It is encouraging to see this stability, which shows buyers are taking over the supply. But, it remains unclear how strong that demand will be. ETF inflows have been cited by certain market participants as the reason Bitcoin did not experience a greater correction. The ETFs are a constant demand sink that channels institutional capital through the regulated frameworks into Bitcoin.
It is possible that the pressure to sell newly released coins will begin to overwhelm the interest in buying. Recent holders could be hit by volatility if this occurs. The market seems to be in a balance between institutional investment and long-term investors’ profits.
This emerging dynamic highlights how Bitcoin’s current cycle differs from previous ones—ETF participation and repeated redistribution of old coins are reshaping the market structure. In the coming weeks, it will be crucial to determine whether ETF flows are sufficient enough to counteract increased supply activity and maintain Bitcoin’s bullish trajectory.
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Testing mid-range resistance levels
Bitcoin’s current price is $112,409 and shows a slight recovery following recent volatility. The chart highlights a rebound from the $109K–$110K demand zone, which has acted as short-term support during the past week. BTC faces resistance now as it tests its 50-day (blue) and 100-day (green) moving averages. The levels are important barriers that bulls must overcome in order to recover higher ground.
BTC is still behind the all-time record high of $124,500. This can be seen by the resistance yellow line. Bitcoin is still struggling to get enough momentum in order to test this level despite numerous attempts. The main reason for that is the persistent selling pressure from traders and their cautious attitude. Just above current prices, the red 200 day moving average, at $114.746, creates a group of resistance levels, which may limit future price increases.
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If Bitcoin manages to close above $114K, it would confirm bullish continuation and potentially set the stage for a retest of the $120K–$124K zone. Conversely, failure to sustain above $110K could see BTC revisiting lower supports around $106K–$108K. Bulls are still struggling to break through resistance, as consolidation is the dominant trend.
Dall E, TradingView chart.
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Source: www.newsbtc.com
