Bitcoin Spot Trading Volume Surges: On-Chain Data Signals Potential Breakout to $119,000
Bitcoin’s spot trading volume and on-chain CBD indicator reveal strong buyer support, contrasting with weak Ethereum liquidity. Glassnode data shows dense BTC accumulation across multiple price levels, hinting at sustained backing beyond futures-driven momentum. Exchange flows further underscore this shift: Coinbase recorded a sharp net inflow surge from August 25–31 after its 30-day SMA hit a multi-year low, while Binance’s 30-day SMA inflows on July 25 and August 25 reached 2024 highs—signaling significant reserve reallocation and renewed accumulation. Although long-term holders have increased spending, overall activity remains within normal ranges, suggesting orderly distribution rather than panic selling.
Price action confirms resilience. After finding support near $107,300, BTC rebounded past the $109,900 high and formed bullish signals on 15-minute, one-hour, and four-hour charts. The RSI on the four-hour chart climbed above 50, reinforcing upward momentum. A decisive daily close above the key $112,500–$113,650 resistance zone would invalidate the recent downtrend and open targets at $116,300, $117,500, and $119,500. However, with September’s historical seasonality favoring bears, failure below $113,650 could trigger a pullback toward $105,000–$100,000.
Bullish
This news highlights multiple bullish indicators for Bitcoin. On-chain CBD data and dense spot accumulation across price levels demonstrate strong buyer conviction beyond futures-driven momentum. Significant net inflows into Coinbase and Binance at key SMA lows/peaks point to a reversal in liquidity patterns and renewed reserve accumulation—patterns that historically preceded upward price moves. Technical analysis reinforces this outlook: BTC’s rebound from $107,300, break of $109,900, multi-timeframe bullish breakouts, and a four-hour RSI above 50 signal growing bullish momentum. A daily close above the $112,500–$113,650 resistance would invalidate the recent downtrend and open targets at $116,300, $117,500, and $119,500. While September bears seasonality warrants caution, the convergence of on-chain strength, exchange flows, and chart structures suggests a favorable environment for both short-term rallies and the potential establishment of a longer-term uptrend.