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5h ago

Bitcoin Tests Rebound Toward $113K as On-Chain Data Flag Selling Near $113.6K

On-chain readings point to resistance from recent buyers at breakeven despite fresh ETF inflows absorbing supply.

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Overview

  • BTC has bounced from roughly $108.8k to near $112k–$113k after a 10% pullback from its above $124k high, with key resistance identified at $113.6k and support near $107k.
  • Glassnode notes BTC trades below the one-month ($115.6k) and three-month ($113.6k) cost bases, indicating short‑term holders are under pressure and likely to sell into rallies.
  • Spot Bitcoin ETFs took in about $81 million in the past day and, alongside corporates and governments, are estimated to be absorbing roughly 3,600 BTC per day, outpacing miner issuance.
  • CryptoQuant analysts highlight constrained sell supply as Binance’s Buying Power Ratio turns positive (stablecoins in, BTC out) and 30‑day exchange inflows fall to multi‑year lows.
  • Market tone is mixed with spot demand described as neutral and derivatives tilting cautious, while the rebound coincides with a new S&P 500 high and strong Nvidia earnings.