{"id":44493,"date":"2025-08-28T07:02:01","date_gmt":"2025-08-28T07:02:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=44493"},"modified":"2025-08-28T07:02:01","modified_gmt":"2025-08-28T07:02:01","slug":"as-bitcoin-bounces-on-chain-data-point-to-selling-pressure-near-113-6k","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=44493","title":{"rendered":"As Bitcoin Bounces, On-Chain Data Point to Selling Pressure Near $113.6K"},"content":{"rendered":"
\n

As bitcoin (BTC) bulls aim to reestablish an upward price trajectory, they may face resistance from sellers near the $113,600 level, according to on-chain data.<\/p>\n

BTC has already bounced to $112,800 from sub-$108,800 levels hit Tuesday, CoinDesk data<\/a> show. The bounce is likely fueled by a fresh all-time high in the S&P 500 and a better-than-expected earnings report by Nvidia, one of the largest publicly listed companies in the world by market value and a bellwether for all things artificial intelligence.<\/p>\n

The path ahead may prove challenging, as investors holding at a loss may look to sell into any price rebound.<\/p>\n

“Currently, bitcoin trades beneath the cost basis of both the 1-month ($115.6k) and 3-month ($113.6k) cohorts, leaving these investors under stress. Any relief rally is therefore likely to encounter resistance, as short-term holders seek to exit at breakeven,” analytics firm Glassnode said<\/a> in a report published Wednesday.<\/p>\n

Glassnode’s cost basis metric reveals the average purchase prices at which digital assets have been acquired by wallets with varying holding durations. For example, the three-month cost basis of $113,600 indicates that investors holding assets purchased within the past three months paid, on average, this price level.<\/p>\n

Mixed flows<\/h2>\n

As of now, the spot market flows suggest an uphill battle for the bulls ahead, while ETF and corporate activity suggest otherwise.<\/p>\n

“Spot demand remains neutral, as perpetuals tilt bearish with CVD negative. The current funding rate of ~0.01% points to a fragile neutrality. If price breaks above $112.4K with volume, it opens the pathway to $114K \u2013 $116K,” Timothy Misir, head of research,\u00a0BRN<\/a>.<\/p>\n

That said, ETF inflows and corporate adoption of BTC continues to suck out significant supply from the market, offering a bullish hope, Misir explained. <\/p>\n

“ETF flows continue to strengthen with $81 million for Bitcoin ETFs and $307 million for Ether ETFs over the past day. ETFs, corporates, and governments are now absorbing ~3,600 BTC\/day, which translates to ~4x miner issuance. Metaplanet announced a new plan to raise $881 million to buy $837 million BTC in Sep\u2013Oct, adding to its 18,991 BTC,” he noted. <\/p>\n

Gauging key support<\/h2>\n

Should BTC turn lower, then $107,000 is the key support level to watch.<\/p>\n

That’s because analysis by Glassnode shows that the six-month cost basis is at that level. So, a break lower would prompt these holdings to sell, potentially causing a more profound decline.<\/p>\n

“The 6-month cost basis sits near ~$107k. A sustained move below this level risks triggering fear, which could accelerate downside momentum,” Glassnode said. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As bitcoin (BTC) bulls aim to reestablish an upward price trajectory, they may face resistance from sellers near the $113,600 level, according to on-chain data. BTC has already bounced to $112,800 from sub-$108,800 levels hit Tuesday, CoinDesk data show. The bounce is likely fueled by a fresh all-time high in the S&P 500 and a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-44493","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/44493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44493"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/44493\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}