Bitcoin Spot Trading Surge Hints at $119K Breakout

Published: 2025-09-02 18:24:14 |

Recent upticks in Bitcoin spot trading suggest a potential breakout toward $119K. Onchain data from Glassnode shows a dense Cost Basis Distribution, indicating strong buyer interest versus sparse Ethereum flows. Exchange netflows reveal a shift in liquidity: Coinbase recorded netflow troughs from Aug. 25–31 after its 30-day SMA reached a multi-year low, while Binance’s netflows peaked at highs unseen since July 2024, signaling reaccumulation before price advances. Long-term holders’ spending remains moderate, supporting stability. Technically, Bitcoin rebounded from a key $107.3K support, broke above $109.9K, and reclaimed RSI levels above 50 on the four-hour chart, hinting at bullish momentum. A decisive close above $113.65K would confirm a bullish break of structure and could propel Bitcoin toward resistance targets at $116.3K, $117.5K, and $119.5K. Conversely, failure to hold $113.65K risks a decline toward $105K–$100K, especially given typical September seasonality. Traders watching Bitcoin spot trading should monitor netflow trends and structural breaks for entry or exit signals.

Bullish

The analysis points to a bullish market outlook. Dense Bitcoin Cost Basis Distribution and rising exchange netflows on Binance—paired with a trough on Coinbase—mirror previous reaccumulation phases before significant price advances. The technical rebound from $107.3K support, breach above $109.9K, and RSI recovery above 50 on the four-hour chart reinforce bullish momentum. A confirmed daily close above the $113.65K resistance would invalidate the descending trendline and likely trigger a rally toward $116.3K, $117.5K, and $119.5K. While long-term holder spending has increased, it remains within historical norms, suggesting measured distribution rather than panic selling. However, traders should heed typical September weakness. Overall, the convergence of onchain supply dynamics, exchange liquidity shifts, and positive technical signals favors a bullish trajectory in both the short and medium term.