Bitcoin Bounce Meets Headwinds With On-Chain Data Highlighting $113.6K Pressure

Bitcoin rebounded to $112,958 after dipping below $108,800 earlier this week, lifted by record highs in the S&P 500 and upbeat Nvidia earnings. Yet on-chain data suggests resistance is building just ahead.

Resistance in Focus

According to Glassnode, BTC trades below the cost basis of short-term holders — about $115.6K for the one-month cohort and $113.6K for the three-month group. These investors remain under pressure, raising the risk that rallies stall as they sell into breakeven levels.

Spot vs. Institutional Flows

Spot demand is neutral, while futures positioning tilts bearish, with funding rates near 0.01%. Still, analysts see potential upside if BTC can clear $112.4K with volume, opening a path toward $114K–$116K.

Institutional flows continue to support the market. Bitcoin ETFs attracted $81M in inflows over the past day, while ether ETFs drew $307M. Corporates remain active: Metaplanet plans to raise $881M to buy $837M worth of BTC this fall, adding to its 18,991 BTC treasury. Collectively, ETFs, corporates, and governments are absorbing ~3,600 BTC daily — four times miner issuance.

Support Levels

If momentum fades, $107K is the critical floor, matching the six-month cost basis. A sustained break below could trigger panic selling and deepen losses.

Outlook

Bitcoin’s rebound reflects equity strength and institutional demand, but short-term selling pressure near $113.6K remains a decisive hurdle. Traders are watching whether inflows can overpower resistance to extend the rally.