- 120,000 BTC bought during price bounce.
- $110K–$116K lacks strong support.
- Demand must rise to sustain current levels.
Bitcoin recently saw a sharp increase in buying activity when its price rebounded from $112,000 to $114,000. According to data from Glassnode, roughly 120,000 BTC changed hands during this move, indicating that some traders and investors saw the dip as a chance to accumulate.
Such aggressive buying often signals market confidence, at least in the short term. However, while these transactions are significant in volume, they don’t necessarily guarantee that the price floor will hold if selling pressure intensifies.
Why the $110K–$116K Zone Is Still Weak
Despite this recent activity, the $110,000 to $116,000 price range does not yet have a solid foundation of support. Support zones form when a large number of traders are consistently willing to buy at certain price levels, creating a buffer against downward moves.
Glassnode’s on-chain analysis suggests that the buying volume, while notable, is not enough to establish a long-term stronghold. If Bitcoin were to retest these levels without a surge in new demand, the price could break lower, potentially triggering further sell-offs.
What Could Strengthen Bitcoin’s Support Zone
For the $110K–$116K range to become a true support zone, sustained demand is essential. This could come from institutional interest, retail FOMO, or broader market optimism driven by macroeconomic events. Additionally, higher transaction volumes near these price levels over time would help solidify them as a safety net for BTC.
Until such demand emerges, traders may view this range as fragile, meaning volatility could remain high in the short term.
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