Although the price of Bitcoin is holding just above $108,000, most of the market is focused on one number: $110,000. And while the price of Bitcoin tried to reach this level unsuccessfully last week, the current scenario shows signs of profit-taking.
Not all systems are green yet, but a clear breakout could change everything.
BTC reserves continue to decline, and this is positive
The clearest bullish indicator at the moment is how quickly Bitcoin reserves on exchanges are falling. On July 7, only 2.4 million BTC remained on centralized platforms, the lowest level in over three years. Historically, the decline in reserves indicates that investors are transferring their coins to cold wallets, reducing the available supply for sale.
Bitcoin Price and Decline in Exchange Reserves: CryptoQuant
This scenario often precedes major price runs, as supply tightens and any sudden increase in demand leaves little room for sellers to react. When this supply scarcity combines with light resistance levels, even modest volume can drive significant movements.
Taker buy-sell ratio below 1, but approaching
One indicator worth watching closely is the buy-sell ratio of takers. This measures how aggressively Bitcoin buyers are accepting offers compared to sellers. Currently, the ratio is at 0.95, meaning BTC sellers are still slightly in control, but only just.
Buy/Sell Ratio of Bitcoin Takers is biased towards sellers: CryptoQuant
When this ratio exceeds 1, it generally signals that BTC buyers are entering with conviction. Each time this has happened in the past six months, it triggered small bullish runs. If we see this ratio increase in the coming days, it could serve as the final push needed to break the $110,000 barrier.
Strong support zones confirmed by IOMAP clusters
The In/Out of the Money Around Price (IOMAP) indicator maps wallet addresses that bought Bitcoin at different price levels, showing where the most buying and selling pressure may occur. Sets of 'in the money' wallets (currently in profit) form support zones, while those 'out of the money' (currently at a loss) form resistance.
In/Out of the Money Statistics IntoTheBlock
According to the latest IOMAP snapshot, 94.61% of all BTC addresses are currently in profit. This represents a significant cushion; historically, high profitability tends to reduce selling pressure, as investors are less likely to exit early.
Data also shows an extremely strong support zone between $107,209 and $110,041, where a large number of wallets acquired BTC. This creates a powerful buying barrier if prices drop.
In/Out of the Money shows strong support levels: IntoTheBlock
Meanwhile, the resistance zone between $110,042 and $110,624 is thin. Few wallets are positioned here, meaning there is little supply above to block upward movement if BTC breaks above $110,000. This alignment, strong support, and light resistance set up a potentially explosive move if momentum returns.
Bitcoin price levels align with on-chain signals
Both the Fibonacci retracement chart and horizontal resistance lines now confirm what on-chain indicators have been signaling: Bitcoin is positioned just below a breakout zone.
Currently trading at $108,235, BTC is slightly above the Fibonacci retracement level of 0.236, drawn from the recent low to high. This level has acted as a magnet for price consolidation and now forms a soft short-term base.
Bitcoin Price Analysis: TradingView
Looking upward, the horizontal resistance levels between $110,583 and $110,779 represent the last obstacle before a potential increase. What strengthens this technical scenario is the perfect alignment with the IOMAP clusters on-chain.
As highlighted earlier, the In/Out of the Money indicator shows that most BTC investors are in profit, with dense wallet support from $107,209 to $110,041. On the downside, the major fallback support levels remain intact at $103,584 and $101,389. But as things stand, the chart confirms the on-chain story: Bitcoin is set up, and a clean break above $110,779 could be the signal the market has been waiting for.
However, if Bitcoin fails to maintain the support range of $107,209–$110,041 and closes below $103,584, the bullish thesis could unravel. This would suggest buyer exhaustion at the top and increase the risk of retesting the $101,389 zone.
If the price of Bitcoin exceeds $110,000 with volume, the structure is ready for a swift upward movement. There is minimal resistance up to the psychological record of $111,970 reached a few weeks ago. This remains the final ceiling. At least for now!
The article Bitcoin Near $110,000 with Possible Breakout on the Radar was first seen on BeInCrypto Brazil.
