Bitcoin maintains stability above $115,000 as buyers absorb selling pressure. Bitcoin (BTC) remains stable above $115,000, with strong buying power absorbing most profit-taking pressures - laying the groundwork for a potential breakout to new price highs.
After establishing a new ATH of $123,100 the previous Monday, BTC struggled to maintain upward momentum. The price action stagnation largely stems from retail selling pressure, particularly evident on Binance. According to CryptoQuant data, Bitcoin's Net Taker Volume index - representing the difference between active buy and sell orders - has returned to negative territory, dropping below $60 million. This indicates that most current transactions are sell orders, reflecting increasing profit-taking and cautious sentiment among retail investors, even as the price remains near historical peaks.
Geographic indicators continue to reinforce the prevailing cautious market sentiment. In the US, the Coinbase Premium Index - measuring price differences between Coinbase and other global exchanges - has maintained a sideways status throughout July. Despite Bitcoin's price increase, US spot market buyers remain hesitant, showing signs of profit-taking or observing from the sidelines, waiting for more attractive entry points.
Meanwhile, the Korea Premium Index has dropped to negative territory, indicating that Bitcoin prices on Korean exchanges are lower than the global average. This disparity reflects ongoing selling pressure and demonstrates a clear lack of enthusiasm from Korean retail investors at the current stage.
Despite some on-chain data and technical indicators suggesting a cautious market sentiment, Bitcoin's stability in the $110,000 to $115,000 range is still viewed positively. Analyst Boris Vest notes that Bitcoin is currently in a "liquidation battle", with selling pressure continuously absorbed around $116,000, while buying pressure encounters resistance near $120,000. He sees this as a sign of a healthy two-way market where both buyers and sellers are actively participating, rather than falling into an imbalanced state.
Despite strong selling pressure on Binance, recent data shows the Cumulative Volume Delta (CVD) index recorded a negative volume of $4.1 billion - which was quickly absorbed. Immediately after, the market witnessed a positive jump of $2.3 billion as buying pressure returned, indicating persistent demand at lower price levels. As long as Bitcoin continues to defend the price range around $110,000, the bullish side maintains market structure control. With selling-side liquidity showing signs of weakening, the likelihood of an upward breakout is becoming increasingly apparent. If the current accumulation zone is maintained, it could serve as a "launchpad" for the next acceleration in BTC's price trend.
From a technical perspective, while breaking above $120,000 remains challenging, a slight sweep into the Fair Value Gap (FVG) between $115,200 and $112,000 could provide necessary liquidity to drive the next price increase. Entering this FVG could trigger sell liquidation orders, potentially facilitating a strong rally beyond the current peak of $123,100, especially as price gaps above have largely been filled.
However, for this scenario to materialize, Bitcoin needs a positive reaction and strong recovery when retesting the FVG zone. If the price cannot quickly recover after sweeping lows around $115,700, it might signal weakening momentum and open the risk of deeper correction. In summary, BTC's recovery strength and speed when approaching this liquidity zone will be crucial in determining whether the market is ready for a new price surge or entering a correction phase.
According to Bitcoin researcher Axel Adler Jr., BTC continues to move in a positive growth zone, as "market components maintain stable buying activity." He further emphasized: "We have not yet entered an overly euphoric stage. There is still room for Bitcoin to rise to $139,000 without facing significant risks of market overheating."
This article does not contain investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research when making decisions.
