Bitcoin continues to consolidate between $115,000 and $120,000, with bulls maintaining control despite the lack of a breakout above $123,000. What stands out in this range-bound structure is the clear demand concentration around $117,000. According to Glassnode’s BTC Cost Basis Distribution Heatmap, this level has consistently attracted buying interest, acting as a key area where capital rotates into Bitcoin.
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The heatmap reveals dense clusters of cost basis activity near key price levels. This reinforces its role as short-term support and a psychological anchor for bulls. As long as this zone holds, the risk of a full breakdown remains limited—even as BTC struggles to reach new highs.
However, repeated rejections near $120K and muted momentum raise concerns that upside exhaustion could eventually lead to deeper downside. If demand at $117K begins to fade, price may quickly revisit lower levels in search of fresh support. For now, though, on-chain data shows that accumulation remains healthy, and this zone could be the foundation for Bitcoin’s next attempt to reclaim the highs.
$117K Becomes Bitcoin’s Accumulation Stronghold as Market Shifts
Bitcoin’s $117,000 level has emerged as a key accumulation zone, with approximately 73,000 BTC now held at this cost basis, according to the latest data from Glassnode. This reinforces the idea that buyers continue to step in on every dip, absorbing selling pressure and stabilizing price action within the current range. The BTC Cost Basis Distribution Heatmap shows a consistent buildup of demand in this area, highlighting investor confidence around this support zone.
What makes this cycle particularly unique is the presence of legal clarity and accelerating institutional adoption in the US. Unlike previous cycles, where price action was often driven by retail speculation and extreme volatility, today’s structure appears more measured. Regulatory progress—especially around spot Bitcoin ETFs and clearer custody frameworks—has attracted a wave of long-term capital. This influx of institutional demand is not only stabilizing the market but also making it less reactive to short-term swings.
However, Bitcoin’s calm price action may not last much longer. As Ethereum gains momentum, driven by rising open interest and on-chain activity, capital is beginning to rotate into altcoins. Historically, such transitions have marked…
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