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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Whale distribution of 715 000 BTC was absorbed by fresh mid-sized holders.
BitcoinBTCThe asset has rallied by nearly 6% since September. This is despite its usual seasonal decline. Following a good performance over the past week, this asset has topped out near an important supply zone, between $115.600 and $117.300. If the asset closes decisively above $117.300, it could signal an upcoming push to new heights.
Bitcoin, which is expected to dip below $114.500 on Monday due to the Federal Open Market Committee meeting on Wednesday and anticipation of rate reductions, has undergone a slight correction. This dip may present an opportunity to buy.
Technically, the retest critical zone is between $111,000 to $113,000. It is the same structure as 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. The bullish argument would be weakened if Bitcoin were to fall below the $111,000-$113,000 range, but stability at this level could indicate another structural break.
This view is also supported by the relative strength (RSI), which has reclaimed 50 and is now testing that level as a support. 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 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” Analyst: Bitcoins investors are now here
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.
Other words, there is a large base of investors who have positioned themselves at this level, which suggests that they are confident in the long-term worth.
The behavior of wallet groups reinforces this 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 It is noteworthy that distributions from large cohorts have been significant. 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.
Since the peak of last year, approximately 715,000 BTC has been released on the market.
This supply was absorbed primarily by newer, smaller participants. A structural shift is what explains why $113,000 could be 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
