BTC Battles $114K–$118K as Supply Clusters at $100K+

Key Points

• Over 25% of BTC’s supply has now been traded above $100K, reinforcing six-figure price levels as strong structural support.
• Bitcoin faces resistance near $118K, as profit-taking and long-term holders add significant sell pressure to the market.
• BTC breaks below short-term trend channel, with support at $111,565 critical to avoid a deeper correction toward $107K.

Bitcoin’s circulating supply has reached a major milestone, with over 25% now traded above the $100,000 mark. This shift highlights the growing structural importance of six-figure pricing in the market.

Since December 2024, BTC has largely maintained levels above $100K, reinforcing this zone as a firm psychological and technical foundation. This development reflects strong holder confidence, yet rising supply concentration presents new challenges.

Price Action Faces Resistance from Profit-Taking and Dormant Coin Movements

BTC is currently consolidating between $114,000 and $118,000, an area marked by strong supply pressure and conflicting trader sentiment. The $114K–$118K range has become a liquidity battleground, as seen in clustered red and green volume bars.

Green supply groups represent holders still in profit who tend to support dips, while red clusters signal resistance from breakeven sellers. The cumulative distribution curve shows nearly 80% of supply is now held in this range, adding weight to current consolidation.

On-chain activity confirms increased market selling pressure, with a recent transfer of 1,401 BTC from dormant wallets triggering a price drop. The reactivation of 2–3 year old coins added over $160 million in potential supply, driving prices from $117K toward $114K.

Moreover, large moves of around 8,500 BTC per leg have added roughly $10 billion in sell-side pressure, impacting broader market behavior. The correlation between BTC and altcoins remains strong, meaning the broader crypto space continues to follow Bitcoin’s lead.

Technical Structure Weakens as Short-Term Momentum Breaks

BTC has broken below its rising 1-hour channel, confirming a loss of short-term bullish strength in the current trend. Price has fallen to $112,941, with key support now sitting near $111,565.

A sustained break below this level could accelerate downside pressure toward $107,367 and potentially the $105K range. The rejection from $117,182 resistance adds to the bearish bias, increasing the risk of deeper retracements.

To reverse the current weakness, BTC must reclaim levels above $115,000 quickly and stabilize its short-term structure. Until then, downside risks remain elevated due to heightened selling and long-term holders releasing supply.