Reclaim $119K or Fall to $96.5K

In Brief

• Bitcoin trades below $119K key band, risking correction toward $96.5K support zone.
• Double Bottom pattern forms near $110K, signaling possible bullish reversal ahead.
• Whale accumulation and lower leverage indicate improving market stability and sentiment.

Bitcoin is currently trading at $113,343.37, showing a minor 1.07% daily gain after recent market pressure. The price remains 7.46% lower over the past week, reflecting short-term weakness following strong earlier gains.

According to Glassnode data, Bitcoin sits just below the +0.5σ pricing band at $119,018, a key level in past uptrends. A move above this threshold would restore bullish structure and reduce the risk of a deeper correction.

If Bitcoin fails to reclaim $119,000 soon, the next support lies at the mean pricing band of $96,526. This zone has historically triggered short-term consolidations or market resets during weaker momentum phases.

Despite the pullback, Bitcoin still trades well above its realized price of $54,972, showing profitability among long-term holders. This provides some cushion for market confidence, although short-term sentiment remains uncertain.

Technical and On-Chain Signals Show Mixed Outlook Near-Term

On the 4-hour chart, analyst Alan noted Bitcoin may be forming a potential Double Bottom reversal pattern. The setup includes a higher low near $110,500, suggesting increasing buyer interest around this range.

The neckline lies near $116,000, and a breakout could lead to a projected move toward $120,000–$122,000. However, a drop below $110,000 would invalidate this pattern and expose Bitcoin to further downside.

Meanwhile, CryptoQuant reports that Bitcoin’s Estimated Leverage Ratio (ELR) on Binance has dropped to 0.15 from earlier highs of 0.22. This decline reflects reduced speculative risk and healthier market conditions after recent liquidations.

Additionally, CryptoQuant data shows whale addresses holding 1,000–10,000 BTC have accumulated roughly 300,000 BTC over the past year. This marks a positive shift above the 1-year moving average, often seen before major bull runs.

Together, these indicators highlight a pivotal phase for Bitcoin, where reclaiming $119,000 could confirm renewed upside momentum. Failing that, the market could stabilize around $96,500 before a broader move materializes.