Overview

• Bitcoin hovered near $111,000 after a brief slip below $110,000, with immediate resistance around $113,700 and key support near $107,000, according to Glassnode and exchange data.
• Short‑term technicals weakened as price fell below key moving averages and an hourly trend line, with traders watching $110,750, $109,500, $108,500, and $106,500 as supports and a dense $93,000–$110,000 supply zone as a potential target if selling accelerates.
• On‑chain metrics show renewed movement of long‑held coins and selling by large holders, while derivatives positioning remains fragile with positive funding and open interest sitting above spot; a Coinbase premium hints at some dip buying.
• Prediction markets on Polymarket price roughly a 62% chance that Bitcoin trades below $100,000 before year‑end, reflecting cautious near‑term sentiment.
• Bitwise’s new long‑term outlook models a base‑case path to about $1.3 million by 2035, citing institutional participation now exceeding 75% of Coinbase volume and fixed issuance of roughly 450 BTC per day.