Bitcoin trades near $113K as $112K emerges as the key support zone for buyers.
Investor data shows new buying and profit-taking, with conviction buyers up 10.1%.
Institutions trim holdings, but ETFs like IBIT hit record $91B assets under management.
Bitcoin price remained under pressure on Tuesday as traders closely watched the $112,000 support zone. After repeated rejections near $123,000–$124,000, the cryptocurrency slipped from the $117,000 range and is now consolidating close to $113,283. Market analysts noted that $112,000 has become a critical level for buyers to defend.
Key Levels Define Market Focus
Ali Charts reported that Bitcoin has traded within a defined range, with strong resistance at $124,000 and consistent support around $112,400. The mid-August decline from $123,000 to $113,000 reinforced the view that momentum is weakening near the upper boundary.
https://twitter.com/ali_charts/status/1957850296719434098
Traders now identify $114,800 as immediate support, while $117,000 and $123,000 remain barriers for upward recovery. “All eyes on $112,000! $BTC,” a market analyst stated, as this zone is seen as the final defense before a possible drop toward $110,400 or $109,000.
Data from Santiment showed panic selling emerging when prices fell below $113,000, though past cycles suggest such dips often created new buying opportunities.
Investor Behavior and Institutional Moves
Glassnode’s Supply by Investor Behavior report indicated continued demand despite volatility. First-time buyers added 1% to their holdings over five days, while conviction buyers increased by 10.1%. At the same time, profit takers rose by 5.4%, marking the largest increase this year. Loss sellers also climbed by 37.8%, but realized losses stayed lower compared to earlier months.
Institutional activity reflected cautious repositioning. BlackRock reduced its Bitcoin holdings by 490 BTC worth $68.7 million but maintained over 749,500 BTC in reserves. Its spot ETF, IBIT, reached a record $91 billion in assets under management. Ark Invest also trimmed its exposure, selling 559 BTC through its Ark 21Shares ETF.
Despite these moves, Cathie Wood reiterated her long-term outlook that Bitcoin could reach $1.5 million with broader adoption. According to Kamran Asghar, Bitcoin has completed its weekly cycle and is holding a critical daily support level. He noted that the next target lies in the liquidity zone near $120,000, which could become the next key area if $112,000 support holds.
The post Bitcoin Analysts Say “All Eyes on $112,000! $BTC” as Price Holds Near $113K appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
