Bitcoin Trading in Range as Demand Absorbs Long-Term Holder Distribution
Bitcoin is trading in a narrow range between $113K resistance and $110K support. Recent pullbacks have led to struggles for bulls amid selling pressure, indicating investor indecision awaiting a breakout.
Key points include:
- Long-term outlook remains positive despite near-term weakness.
- The 30-day average Coin Days Destroyed (CDD) has decreased by half from its peak, indicating reduced old coin movements.
- This decline may ease long-term holder distribution, providing market stability.
- Strong movement of old Bitcoin (LTHs) has occurred, marking significant activity since the current bull cycle began.
- Despite heavy selling from long-term holders, Bitcoin's price corrected only 10% to 13% from recent highs.
- Demand from institutional inflows and strong liquidity is absorbing selling pressure effectively.
Current Price Action
Bitcoin is currently valued at around $112,870, recovering slightly after pulling back from an all-time high near $124,500. It is consolidating above the 100-day moving average while testing mid-term trend structures.
Resistance exists at the 50-day moving average just above the current price. A break above this level could lead to attempts at the $120K–$123K zone. Support is forming near the $110K–$108K range, with a breakdown risking a deeper retracement towards the 200-day moving average around $82K.
