Bitcoin holds $109K while Binance reserves hit record lows under 520K.
BTC faces resistance at $110,928 after reclaiming the $108K demand zone.
Bitcoin’s cycle now echoes the 2017 and 2021 rallies, with the bullish structure holding firm.
Bitcoin Price surged above $109K after bouncing cleanly from the $106K support zone, confirming strength across multiple timeframes. Binance reserves just hit record lows - a clear signal that supply is drying up fast, adding pressure on the upside.
Price Retests Key Zone as Resistance Blocks Narrow
Bitcoin has recovered from last week’s dip, now holding gains above $109,382 after reclaiming its short-term breakout. Two resistance levels, $110,382 and $110,928, remain stacked above the current price, creating a critical reaction zone. This tight structure suggests the next leg could develop quickly once the price establishes control.
Source: (X)
Bitcoin broke through the lower resistance band before pulling back slightly, hinting at an active retest phase in motion. With buyers defending the breakout, the market structure maintains a higher low above the $108,000 demand zone. That green block continues to hold as key short-term support if the price dips again.
The path higher outlines a rally toward $113,000 as long as Bitcoin reclaims $110,928 on strong volume and follow-through. The previous local highs from June 24 and 25 have already been cleared, adding weight to the argument for renewed upside. Price is consolidating inside a bullish flag, suggesting continuation is still in play.
Exchange Reserves Collapse as Demand Holds Firm
Bitcoin’s supply on Binance has dropped below 520,000 BTC for the first time in recorded history. This drop from the 660,000 BTC peak in 2023 signals a steady drain of coins from centralized exchanges. Even with shrinking reserves, Bitcoin stayed firm above $109K -no panic-selling, no sharp rejection.
Source: CryptoQuant
The reserve collapse reveals a clear divergence between supply behavior and price action. This imbalance underscores the ongoing demand-driven structure behind Bitcoin’s bullish momentum. Traders now question whether $BTC can maintain strength with exchange levels this thin.
The breakdown below 540K BTC occurred while Bitcoin consolidated above $100K, showing minimal selling pressure into weakness. Price continues to trade with conviction, signaling strong hands absorbing supply outside centralized venues. With inventory draining, bulls retain control despite looming resistance.
Macro Trend Holds as Cycle Structure Repeats
Bitcoin's long-term trend remains intact, with each cycle creating higher all-time highs. The recent 2025 top reversed after tagging trendline resistance, mimicking the 2017 and 2021 market structure. However, the post-top drawdown remains shallow compared to prior cycles, leaving a bullish bias on the table.
Source: (X)
The chart shows Bitcoin’s vertical moves followed by rounding tops and measured corrections that align with previous cycle behavior. Price currently trades just below 2025’s peak but far above the mid-2024 consolidation zone. Buyers may look to defend that region if momentum fades further.
This macro pattern of parabolic climb, blow-off top, and consolidation continues to play out without deviation. Bitcoin’s structure still favors bullish continuation while maintaining its position above previous resistance clusters. Traders await further confirmation above $110,928 to validate strength into year-end.
