Takeaways from the conference:
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Bitcoin could retest the $111,000–$113,000 zone, mirroring the breakout structure seen in Q2.
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The URPD metric shows 5.5% of BTC supply clustered between $110,000–$113,000.
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The whale distribution was 715 BTC.
BitcoinBTCThe asset has increased by nearly 6% since September. This is a defiance of its usual seasonal decline. The asset reached its peak near the major supply zone of $115,600 to $117,300 after a solid weekly performance. If the asset closes decisively above $117.300, it could signal an upcoming push to new heights.
Bitcoin has experienced a minor correction Monday as a result of the Federal Open Market Committee’s (FOMC), and with expectations that interest rates will be cut on Wednesday. Bitcoin dropped below $114.500. This dip may present an opportunity to buy.
Technically, the retest critical zone is between $111,000 to $113,000. The structure is similar to that of Q2. BTC’s rally from below $100,000 lows in June to $109,000 was consolidated just beneath the $110,000 support.
The market initially rejected the liquidity around $105,000, but then absorbed it to reach new highs above $120,000 in July.
Similar patterns are developing. If the current uptrend is to remain intact, Bitcoin should hold the $111,000–$113,000 range. If Bitcoin falls below this price, it would be a sign of shaky bullishness. However, stability could signal a new structural breakthrough.
The relative strength indicator (RSI) is aligned with this opinion, as it has reclaimed 50 and is testing the level now. In the past, this set-up has been associated with renewed purchasing momentum.
ShayanBTC is a cryptocurrency analyst who has noted that the mining behavior of crypto miners is reinforcing The positive outlook
“The combination of a technical structure shift and miner accumulation provides a constructive outlook. As long as $112K holds, Bitcoin appears well-positioned to sustain momentum.”
Related: Bitcoin daily dip hits 2% as ‘classic’ BTC price action precedes FOMC
“Fresh” Bitcoin Investors have arrived: analyst
The URPD (UTXO real-time price distribution) metric is one reason why the $113,000 area could provide technical support. It maps Bitcoin’s supply distribution by the purchase price. According to recent data, a significant 5.5% of BTC supply has shifted at $110,000–$113,000, highlighting this band as one of the most actively accumulated ranges in recent weeks.
This means that a significant number of owners have placed themselves in this position, showing their conviction about the value at long term.
The behaviour of wallet clusters reinforces the accumulation trend. Since July 2024, Shark wallets (holding 100–1,000 BTC) have added nearly 1 million BTC, increasing their collective balance to 5.939 million BTC. This steady increase signals that new mid-sized players are gaining exposure.
Bitcoin researcher Axel Adler Jr added The distribution of larger cohorts is also notable. Whale wallets (1,000–10,000 BTC) have reduced holdings by 324,000 BTC since March 2024, while Humpbacks (≥10,000 BTC) cut their balance by 391,000 BTC.
A total of 715,000 BTCs have been released since the peaks last year.
This supply was absorbed largely by newer, smaller participants. A structural shift is what makes the $113,000 mark potentially one of the final meaningful levels. “discounts” Prior to renewing upside,
Related: Traders say Bitcoin’s ‘bullish’ weekly close sets path for $120K BTC price
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Source: cointelegraph.com
