Key Takeaways:
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Bitcoin could retest the $ 111,000- $ 113,000 zone, reflecting the breakout structure seen in Q2.
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The URPD scale shows 5.5% of BTC supply clustered between $ 110,000- $ 113,000.
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Fresh mid-sized holders absorb the whale distribution of 715,000 BTC.
Bitcoin (Btc) rallied almost 6% in September, refusing to be time -to -date. After a strong weekly performance, the owner led a major supply zone between $ 115,600 and $ 117,300. A decisive near above $ 117,300 will signal a potential push towards new highs.
At the upcoming meeting of the Federal Open Market Committee (FOMC) and expectations of interest rate cuts on Wednesday, Bitcoin is undergoing subtle correction on Monday, which sank below $ 114,500. The analysis suggests that this sink may present a desirable purchase opportunity.
From a technical point of view, the critical retest zone sat between $ 111,000 and $ 113,000. This reflects the structure observed in Q2. In June, the BTC rallied from sub- $ 100,000 lows to $ 109,000, combined below $ 110,000 objections.
After a preliminary decline, the market absorbs liquidity near $ 105,000 before it breaks into fresh highs in July over $ 120,000.
A similar pattern will appear to be developing today. If the current pursuit is to remain intact, Bitcoin must hold a $ 111,000- $ 113,000 range. A deviation below this level will weaken the bullish case, while its stability can confirm another breakout structure.
Kamag -child Index Index (RSI) also aligns with this view, which has reclaimed 50 levels and is now trying to support it. Historically, this setup is preceded by the modified purchase of momentum, as witnessed in June.
Crypto analyst Shayanbtc mentioned that the miner’s behavior is Reinforcing The constructive perspective,
“The combination of a technical migratory structure and accumulation of miner provides a constructive perspective. As long as $ 112k is handling, Bitcoin appears to be fixed to maintain momentum.”
Related: Bitcoin Daily Dip hits 2% as ‘classic’ BTC price action preceded by FOMC
The “fresh” investors in Bitcoin have arrived, says analyst
One factor that the $ 113,000 zone could be a technical support is the URPD (UTXO realized price distribution) measure, which map the Bitcoin supply distribution by the purchase price. According to recent data, a significant 5.5% of BTC supply has moved to $ 110,000- $ 113,000, featuring this band as one of the most active accumulated ranges in recent weeks.
In other words, a large basis of holders is positioned themselves here, suggesting the belief that the level represents long -term value.
The trend of this accumulation is further strengthened by the behavior of the wallet cohorts. Since July 2024, shark wallets (holding 100-1,000 BTC) have added nearly 1 million BTCs, increasing their collective balance to 5.939 million BTC. A steady increase indicates the entry of freshly mid-sized exposure buildings.
Bitcoin Researcher Axel Adler JR added That at the same time, the distribution from larger cohorts became noticeable. Whale wallets (1,000–10,000 BTC) have reduced handling 324,000 BTCs since March 2024, while humpbacks (≥10,000 BTC) cut off their balance of 391,000 BTC.
In total, approximately 715,000 BTC has been released on the market since last year’s peaks.
Crucially, this supply is absorbed, above all smaller, newer participants, a changing structure that outlines why the $ 113,000 level can mark one of the last significant “discounts” before changing the reverse.
Related: Traders said ‘Bullish’ Weekly Close Sets of Bitcoin for $ 120k BTC Price
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
