Bitcoin (BTC) price is fluctuating between $110,000 and $116,000 (approximately 152.9 million to 161.24 million won). It appears to be trapped in an 'air gap' with low trading volume, waiting for new demand inflows. While the recent market sentiment is clearly cautious, some investors are detecting buying opportunities at lower prices.
According to on-chain analysis firm Glassnode, after Bitcoin broke through its all-time high of $123,000 (approximately 170.97 million won) in mid-July, the price adjusted to $113,000 (approximately 157.07 million won) while seeking downward support. The recent decline is attributed to investors who purchased near the peak converting to losses, increasing selling pressure. Particularly, the zone above $116,000 has formed a significant supply area, becoming a major resistance line.
Nevertheless, the market is detecting buying momentum seeking opportunities. Analysis of trading data since July 31 shows approximately 120,000 BTC in purchases, leading to a short-term rebound to the $114,000 (approximately 157.46 million won) level. However, the prevailing analysis suggests this zone lacks meaningful supply support to transition into a long-term upward trend.
Technical indicators remain neutral. The average purchase price for short-term holders within a month is around $116,900 (approximately 162.34 million won), making it difficult to expect strong upward momentum until clearly surpassing this price level. The STH (Short-Term Holder) profit zone ratio has also dropped from 100% to 70%.
Macro indicators are still cautious. On the 5th, the US Bitcoin spot ETF experienced a net outflow of 1,500 BTC, the largest selling pressure since April 2025, suggesting institutional investors' wait-and-see attitude. Additionally, the funding rate for perpetual futures has dropped below 0.1%, indicating somewhat cooled speculative sentiment.
Comprehensively, Bitcoin is currently forming a supply-demand balance around the $110,000 to $116,000 zone. If investors continue steady purchases in this area, they may resume an upward trend by breaking through $116,900. Conversely, if demand is insufficient, a correction back to the $110,000 level cannot be ruled out.
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