Bitcoin remains in a mild bearish phase, trading between $97K and $111.9K, with resistance near $116K marked by top-buyers’ supply cluster.

Bitcoin trades below the short-term holders’ cost basis and the 0.85 quantile, signalling fading momentum and growing market fatigue.

Bitcoin's rally to a new all-time high at $126.1k reversed amid macro tensions and a $19B futures deleveraging, one of the largest in history.

Bitcoin repeatedly defended the short-term holder cost basis, underscoring its role as a key pivot between bullish continuation and bearish risk. Price faces strong resistance at the $118k supply cluster, where recent top buyers may look to exit.