Bitcoin enters bullish retest zone around $112.5K, while 96% of supply remains in profit—Glassnode data shows elevated pressure for next move.
Bitcoin has entered a critical retest phase after completing a breakout above $112,000, according to trader Merlijn. In a chart shared on August 1, he pointed to the $112.5K level as the “reload zone” for bulls, identifying it as a structurally strong support area. With BTC hovering around $114,000, this zone is shaping up to be a pivotal launchpad for the next wave toward the $130K level.
“This isn’t hype—it’s structure,” Merlijn stated, emphasizing that the crowd typically arrives at resistance, not before. He added that this range is where legends accumulate, marking it as a prime zone for forward-looking buyers to position before the next major move unfolds.
Meanwhile, market sentiment remains firmly bullish, with technical patterns aligning for a potential continuation to the upside.
Glassnode: Bitcoin holders sit on record profits—will they sell?
Supporting the case for high market optimism, on-chain analytics firm Glassnode reported that 96% of all Bitcoin supply is currently in profit. According to their Percent Supply in Profit oscillator, the metric has stayed above 90% for over a month—a rare signal historically seen near euphoric phases of bull cycles.
The firm cautions, however, that this elevated level could eventually increase the probability of profit-taking. “When nearly all holders sit on gains, pressure to realize profits builds,” Glassnode wrote. The 91% level represents a key statistical deviation, and a break below it could suggest a deeper reset.
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Still, at current levels, the market appears resilient. The fact that 96% of supply remains in profit without triggering major selling could signal that long-term holders are in control—and waiting for even higher prices.
Conclusion
With Bitcoin’s price action aligning with technical retests and on-chain metrics reflecting widespread profitability, the stage may be set for another rally. Analysts are watching the $112K–$115K zone closely, with $130K as the psychological target. As long as the supply-in-profit ratio holds, momentum may continue to build.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
