Key Points:
- Bitcoin bounces from key support near $100K, setting sights on $111K to $118K targets.
- Exchange deposit addresses fall, signaling a shift toward long-term Bitcoin holding strategies.
- UTXO model shows fewer profit-taking trades, suggesting accumulation and reduced selling pressure at current levels.
Bitcoin (BTC) price traded at $105,298 at press time, gaining 3.67% in the past 24 hours, even as it remained down 1.16% over the past week. Analysts point to strong support around $97,600–$101,350 as a possible launchpad for higher price levels, with several indicators suggesting a short-term bullish trend may still be in play.
Crypto analyst Rose Premium Signals identified the $97,600–$101,350 zone as a major support level for Bitcoin. According to the analyst, this area aligns with the 100-day EMA and the lower boundary of a descending price channel on the daily chart. The BTC price briefly dropped to $99,613.33 but quickly rebounded, currently sitting around $105,786.80.
Referring to the risk of the bullish structure failing if this support breaks, Rose Premium noted,
“Though I am afraid it’s the last chance.”
The analysis suggests that Bitcoin could move toward $111,233, $114,942, and potentially $118,490 if it maintains this level.
Bitcoin Exchange Deposits Drop, Reflecting Long-Term Holding Trend
According to CryptoQuant analyst Darkfost, the number of Bitcoin deposit addresses has declined sharply. Between 2015 and 2021, the average number of daily exchange deposit addresses was around 180,000. That figure has now fallen to just 37,000, with the 30-day average at 48,000.
Darkfost attributes the drop to a behavioral shift in investor strategy. Many BTC holders are no longer trading actively but instead view Bitcoin as a long-term asset.
The presence of ETFs has made passive exposure easier, and retail involvement has been lower in the current cycle. The change in address activity suggests that fewer investors are moving coins to exchanges to sell.
UTXO Profit Model Points to Buyer Control
On-chain metrics also show reduced profit-taking. Analyst Axel Adler Jr. reported that the UTXO Block Profit/Loss Count Ratio Model dropped from 34,000 at the $112,000 peak to just 216 now. This indicates that profitable sales have dried up, and most current transactions are occurring at or below cost.
This trend reflects a shift from sellers to buyers in the market.
“Now the metric has fallen to 216 points… sharp price crashes shouldn’t be expected,” Axel commented.
The data supports a case for steady accumulation at current levels.
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Source: https://coincu.com/344906-bitcoin-eyes-118k-chart-signals-breakout/