$BTC In the recent recovery of Bitcoin, on-chain data suggests a possible resistance around $113,600. This level corresponds to the average purchase price for short-term investors, who might sell their assets to avoid losing money.

Despite this selling pressure, the market is receiving a boost from other factors. Bitcoin's rebound coincided with a new all-time high of the S&P 500 and a strong earnings report from Nvidia. Additionally, capital inflows into Bitcoin and Ether investment funds (ETFs) continue to be strong, and adoption by companies like Metaplanet is still absorbing a large part of the supply.

The key support level to watch is $107,000, as a drop below this point could trigger a mass sell-off and accelerate a larger decline.