Bitcoin Bounce Meets Sell Pressure At $113.6K

Bitcoin recovery from $108.8K

After dipping under $108,800, Bitcoin rebounded to trade around $113,200. The bounce highlights sustained demand, but momentum remains insufficient to fully break resistance.

Trading volumes increased modestly, but not at levels that signal aggressive buying. This reflects a cautious market sentiment, with many investors waiting for clearer direction.

Sell pressure at $113.6K

On-chain data reveals that short-term holders’ average purchase cost is around $113,600. When BTC approaches this level, many investors seek to exit at breakeven, creating significant selling pressure.

As a result, $113.6K has become a major resistance level. Without a breakout, upward momentum may stall.

Signals from the spot and derivatives markets

  • Spot market: capital flows remain neutral, with no clear breakout in buying activity.

  • Derivatives market: the funding rate is hovering around 0.01%, indicating a slightly bearish sentiment.

This suggests that investors are still cautious and not yet fully confident in Bitcoin’s ability to break out immediately.

Institutional inflows and ETF demand

Despite sell pressure, institutional support remains strong. Bitcoin ETFs are absorbing about 3,600 BTC per day, roughly four times miner issuance.

Meanwhile, Metaplanet, often referred to as “Japan’s MicroStrategy,” is preparing to purchase approximately $837 million worth of BTC in September–October, reinforcing long-term bullish confidence.

Key support at $107K

If Bitcoin fails to overcome $113.6K, the next critical level is $107,000. This represents the six-month average cost basis for holders.

Breaking below could trigger panic selling, accelerating a decline. However, if the support holds, Bitcoin may continue consolidating before another breakout attempt.

Short-Term outlook

In the short term, Bitcoin will likely continue moving within two key ranges:

   • Resistance at $113.6K – the critical barrier that must be broken to extend the rally toward $115K–$118K.

   • Support at $107K – the strategic defense zone, and if it fails, it could trigger strong downward pressure.

The long-term outlook remains positive thanks to continued institutional inflows and Metaplanet’s plan to buy more Bitcoin, though short-term correction risks should still be noted.

Disclaimer: This article is intended solely to provide information and market insights at the time of publication. We make no promises or guarantees regarding performance, returns, or the absolute accuracy of the data. All investment decisions are the sole responsibility of the reader.