Bitcoin Faces Selling Pressure Near $113.6K Resistance
Bitcoin resistance has emerged near $113.6K after a rebound from below $108.8K, according to on-chain data. Glassnode’s cost basis metrics show 1-month holders breakeven at $115.6K and 3-month holders at $113.6K, suggesting short-term investors may sell at this resistance level. Spot market flows remain neutral, and perpetual futures funding is fragile. A break above $112.4K with strong volume could open the pathway to $114K–$116K. Meanwhile, ETF inflows continue to support prices, with $81 million into Bitcoin ETFs and $307 million into Ether ETFs over the past day. Corporations and governments are absorbing around 3,600 BTC per day—four times miner issuance—with Metaplanet planning to raise $881 million to buy $837 million in BTC by October. Key support lies at the six-month cost basis near $107K; a sustained drop below this level could trigger accelerated selling. Traders should watch the $113.6K resistance and $107K support to gauge the next market move.
Neutral
On-chain metrics indicate significant selling pressure near the $113.6K resistance as short-term holders reach breakeven, a pattern seen in past cycles when cost-basis clusters capped rallies. At the same time, robust ETF inflows and corporate accumulation provide countervailing support. This balance of forces suggests limited directional conviction in the short term, making the outlook neutral. Historically, similar on-chain sell walls have slowed rallies but did not trigger sustained downturns when institutional demand remained strong. Traders should watch for a decisive break above resistance or below the $107K support to define the next trend.