Bitcoin’s price is on a rollercoaster ride, with on-chain data hinting at potential selling pressure lurking around the $113,600 mark. As of today, August 28, 2025, the cryptocurrency has seen a bounce back to $112,800, after dipping below $108,800 earlier this week, according to CoinDesk data. This uptick seems to come on the heels of a record-breaking high in the S&P 500 and Nvidia’s surprisingly positive earnings report, casting a bullish shadow over the market. Yet, the way forward might not be all smooth sailing—investors holding at a loss could be poised to cash out, adding friction to any upward momentum. As explored in our recent coverage of Bitcoin’s price at a ‘make-or-break’ point, the $110K level remains a critical threshold for traders.
The Resistance Zone
Glassnode, a well-regarded analytics firm, points out that Bitcoin currently trades below the cost basis for both one-month and three-month cohorts, pegged at $115,600 and $113,600, respectively. This positioning suggests that short-term holders, eager to break even, could flood the market with sell orders as prices inch closer to these levels. Essentially, the cost basis metric reveals the average price at which Bitcoin has been acquired by wallets over different timeframes. This creates a scenario where any relief rally is met with resistance—potentially stalling any significant upward thrust.
Timothy Misir, head of research at BRN, notes that while spot demand remains neutral, the perpetuals market leans bearish, with a negative cumulative volume delta (CVD). “The current funding rate around 0.01% indicates a delicate balance. Should the price cross $112.4K with solid volume, it could chart a course to $114K or even $116K,” Misir commented. However, ETF inflows and burgeoning corporate adoption present a silver lining, potentially soaking up supply and offering bullish prospects.
ETF Inflows and Corporate Appetite
There’s another side to this story—one that offers a glimmer of optimism. Misir highlights robust ETF activity, with Bitcoin ETFs pulling in $81 million and Ether ETFs attracting $307 million over the past day alone. “ETFs, corporates, and even governments are currently absorbing approximately 3,600 BTC per day, translating to about four times the daily miner issuance,” Misir elaborated. This absorption rate suggests a bullish underlying trend, despite the immediate hurdles. Further bolstering this narrative, Metaplanet, a major player in the crypto space, revealed plans to raise $881 million, earmarking $837 million specifically for Bitcoin acquisitions in September and October. This move aligns with their already hefty cache of 18,991 BTC.
Watching the Downside
While the bulls and bears wrestle for dominance, the $107,000 mark emerges as a crucial support level to monitor. Glassnode’s analysis indicates that the six-month cost basis aligns with this figure, suggesting that a breach below it could spark a sell-off. “A sustained drop beneath this level risks triggering panic, potentially accelerating downward momentum,” the firm cautions. Such a scenario would not only challenge investor confidence but could also unsettle broader market dynamics. This aligns with recent findings in our article on on-chain data showing every cohort now selling, highlighting the potential for increased selling pressure.
Looking Ahead
As Bitcoin navigates this complex landscape, the interplay of spot market dynamics, institutional interest, and macroeconomic factors will be crucial. With ETF and corporate adoption providing a potential cushion against selling pressure, the coming weeks will be pivotal. Yet, uncertainties abound—raising questions about whether Bitcoin can sustain its upward trajectory amidst these competing forces. As always, the crypto market remains unpredictable, with its fortunes as mutable as the digital currency itself.
Source
This article is based on: As Bitcoin Bounces, On-Chain Data Point to Selling Pressure Near $113.6K
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Rebounds as Selling Pressure Fades: Analyst Sees Further Upside
- Bitcoin price breakout to $117K liquidates bears, opening door to fresh all-time highs
- Bitcoin Price Analysis: This Key Resistance Stands in BTC’s Path Toward New ATH
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
