Bitcoin (BTC), as it struggles with maintaining levels above $115,000 is under new downward pressure. The cryptocurrency was trading at $115.745, which is down 2.2% over the last 24 hours, and almost 6% lower than its July levels. all-time high of $123,000.
Recent market movements have raised concerns about the short-term stability of prices, especially in light of growing concern over structural weakness. current trading zone.
According to recent data collected by the on-chain analysis platform CryptoQuant, while long-term investors remain profitable for most of their holdings, sentiment in short-term has changed.
Bitcoin UTXO data points to changing investor behavior
Bitcoin Unspent Transaction Outputs – a metric used to track coins spent at a profit or a loss – indicate that some investors have begun to respond to small price declines.
A recent analysis Darkfost, a contributor to CryptoQuant QuickTake’s platform, shared his insights about how UTXO activities can be interpreted as broader market sentiment.
“This chart, based on UTXOs from block data, highlights the number of UTXOs spent either in profit or in loss,” This approach focuses on the analysis, wrote the analyst. transaction count Filtering noise based on price rather than value.
Bitcoin is a currency that has historically seen UTXOs being spent at a profit. This allows for long-term gains to be enjoyed by holders. The ratio between July 11-13 of UTXOs spent in profit versus those that were lost soared to over 10,000. This means for each loss, there are more than ten thousand profits.
This ratio, however, has declined since then to 500. It suggests that investors may be closing out positions even if they are losing money. minor price retracements. Darkfost believes that this sudden change could indicate a short-term sales pressure, despite most holders being in a profitable position.
A weak support structure increases the risk of a negative outcome
Maartunn: Another CryptoQuant Analyst highlighted Bitcoin’s price spike has been accompanied by structural weakness. BTC quickly climbed up from $112,000 to $121,800 on July 10 but there was little in-chain support.
Bitcoin Teleported from $112 to $115.8K – But There’s Thin Air Below
“From a technical point of view, there’s no past resistance or consolidation that could now act as support. If this final support area breaks, price could move down quickly.” – By @JA_Maartun pic.twitter.com/a3hQoANfDc
— CryptoQuant.com (@cryptoquant_com) August 1, 2025
“The move happened so quickly that no support levels were formed,” This is what the analyst said. “If momentum drops or sellers step in, the price could fall just as fast as it rose.”
Bitcoin hovers just below its last on-chain known value support zone. Analysts caution that failure to keep this level in place could speed up the decline.
Created with DALL – E, chart from TradingView
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Source: www.newsbtc.com
