Bitcoin has climbed back above $112,900 after sliding under $108,800 earlier in the week, buoyed by a record S&P 500 close and strong Nvidia earnings. The rebound, however, could be capped by selling pressure from short-term holders.
On-chain data from Glassnode shows BTC trades below the cost basis of the 1-month ($115.6K) and 3-month ($113.6K) cohorts. Analysts warn these investors may look to exit at breakeven, creating headwinds near resistance.
Spot demand is flat while futures tilt bearish, though some see potential if BTC breaks $112.4K with strong volume, opening a path toward $114K–$116K. Offsetting this, institutional support remains firm: bitcoin ETFs logged $81M of inflows over the past day, ether ETFs added $307M, and corporates like Metaplanet continue to expand holdings, with plans for another $837M BTC purchase this fall.
On the downside, $107K is the key support level, aligning with the six-month cost basis. A sustained break lower could trigger deeper selling and accelerate losses.
For now, bitcoin’s rebound reflects broader market optimism, but resistance near $113.6K will test whether institutional demand is strong enough to extend gains.
