Bitcoin Price: Unveiling the Final Discount Before Explosive New Highs

The cryptocurrency market often presents compelling opportunities. Currently, the Bitcoin Price is experiencing a notable correction. Many analysts suggest this dip could be a crucial moment for investors. It might represent one of the last significant discounts before BTC new highs. This article delves into the technical and on-chain data supporting this optimistic outlook.

Critical Bitcoin Support Emerges at $113K

Bitcoin (BTC) has recently shown resilience, rallying almost 6% in September. This performance defies typical bearish seasonality. Following a strong weekly showing, the asset approached a key supply zone. This area lies between $115,600 and $117,300. A decisive close above $117,300 would signal a push toward new price levels. However, the market saw a mild correction on Monday, dipping below $114,500. This occurred ahead of the Federal Open Market Committee (FOMC) meeting. Many anticipate interest rate cuts from this meeting.

From a technical standpoint, the critical retest zone for Bitcoin sits between $111,000 and $113,000. This pattern mirrors a structure observed in Q2. In June, BTC surged from sub-$100,000 lows to $109,000. It then consolidated below the $110,000 resistance. After an initial rejection, the market absorbed liquidity near $105,000. Subsequently, it broke out to fresh highs above $120,000 in July. The chart below illustrates this historical movement.

Bitcoin one-day chart. Source: Crypto News Insights/TradingView

A similar pattern appears to develop now. Therefore, if the current uptrend is to remain intact, Bitcoin must hold the $111,000–$113,000 range. A deviation below this level would weaken the bullish case. Stability here, conversely, could confirm another structural breakout. The Relative Strength Index (RSI) supports this view. It has reclaimed the 50 level and now tests it as support. Historically, this setup precedes renewed buying momentum. June witnessed this exact scenario. Crypto analyst ShayanBTC highlighted miner behavior, reinforcing this outlook:

• “The combination of a technical structure shift and miner accumulation provides a constructive outlook.”
• “As long as $112K holds, Bitcoin appears well-positioned to sustain momentum.”

Decoding Whale Accumulation and Investor Shifts

The $113,000 zone acts as a technical Bitcoin Support. This is partly due to the URPD (UTXO realized price distribution) metric. This metric maps Bitcoin supply by purchase price. Recent data shows a significant 5.5% of BTC supply shifted between $110,000 and $113,000. This highlights this band as an actively accumulated range recently. This implies a substantial base of holders. They show conviction that this level offers long-term value. This accumulation trend gains further strength from wallet cohort behavior.

Since July 2024, Shark wallets (holding 100–1,000 BTC) have added nearly 1 million BTC. Their collective balance increased to 5.939 million BTC. This steady rise signals the entry of fresh, mid-sized players. They are actively building exposure. Bitcoin researcher Axel Adler Jr. noted significant distribution from larger cohorts. Whale wallets (1,000–10,000 BTC) reduced holdings by 324,000 BTC since March 2024. Humpbacks (≥10,000 BTC) cut their balance by 391,000 BTC. In total, approximately 715,000 BTC entered the market since last year’s peaks. This chart shows the cohort behavior.

Bitcoin UTXO realized price distribution chart. Source: Glassnode

Bitcoin holder cohorts and price. Source: Glassnode

Crucially, this supply found absorption. Smaller, newer participants largely took it up. This represents a structural shift. It underscores why the $113,000 level could mark one of the last meaningful “discounts.” It precedes renewed upside. This Whale Accumulation dynamic indicates strong underlying demand.

The Path to BTC New Highs

The current market dynamics paint a promising picture for the Bitcoin Price. The retest of the $111,000–$113,000 range is critical. Successful consolidation here could set the stage for further gains. The historical precedent from Q2 reinforces this view. The influx of mid-sized investors also provides a strong foundation. They absorb supply from larger, distributing entities. This suggests a healthy market structure. It supports sustained growth. Furthermore, upcoming economic events, like the FOMC meeting, could inject fresh momentum. Anticipated interest rate cuts often favor risk assets like Bitcoin.

Traders widely anticipate a push towards the $120,000 mark. A weekly close above $117,300 would strengthen this forecast. This target aligns with previous resistance levels. Breaking through it would signal strong bullish sentiment. The market’s ability to absorb whale distribution at key Bitcoin Support levels demonstrates underlying strength. This absorption is vital for upward price momentum. It suggests increasing confidence among a broader base of investors. They see long-term value in Bitcoin.

Comprehensive Crypto Market Analysis for Future Growth

This Crypto Market Analysis suggests Bitcoin stands at a pivotal juncture. Technical indicators align with on-chain data. This combination offers a constructive outlook. The $113,000 zone is not just a support level. It represents a significant accumulation area. This area attracts new investors. They absorb supply from larger, longer-term holders. This shift indicates a maturing market. It also points to broader participation. Such dynamics often precede sustained bull runs. Therefore, monitoring this level remains essential.

The convergence of positive technical signals, robust on-chain metrics, and favorable macroeconomic expectations creates a strong case. This case points towards potential BTC New Highs. Investors should conduct their own research. However, the current indicators suggest a compelling buying opportunity. This opportunity may not last long. The market is constantly evolving. Staying informed about these shifts is crucial for any participant. The ongoing narrative suggests Bitcoin is preparing for its next major move.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.