Bitcoin Struggles Near $113K
The Bitcoin price has been stuck around $113,770 all week, showing weak momentum. While up just 0.02% in the past 24 hours, BTC has lost about 8% over the week.
This drop leaves the coin 8.4% below its all-time high of $124,128 set earlier this month. The sideways action has made investor mood more bearish.
Market Activity Slows
Data from CoinGlass shows Bitcoin open interest fell 0.36% to $37.9B in one day, with most of the drop in perpetual futures. Daily trading volume also slipped 7.3% to $66.4B.
Falling volume and open interest suggest traders are cutting back, leaving the market in a cautious pause.
Key Market Snapshot
| Metric | Current | Change |
|---|---|---|
| BTC Price | $113,770 | -8% weekly |
| All-Time High | $124,128 | -8.4% |
| Open Interest | $37.9B | -0.36% |
| Daily Volume | $66.4B | -7.3% |
Demand Weakens, Selling Rises
CryptoQuant notes that Bitcoin accumulation has dropped sharply, from 174,000 BTC in July to just 59,000 BTC now.
Institutional demand is cooling as well. Bitcoin ETFs added only 11,000 BTC last month, the weakest since April. Large corporate buyers cut holdings too, falling from 171,000 BTC last year to 27,000 BTC in the past 30 days.
At the same time, profit-taking is surging. Since July 4, BTC holders booked about $74B in gains, with whales adding another $2B in profits.
Outlook: Support at $110K
CryptoQuant’s Bull Score has shifted from “Extra Bullish” to a “Bullish Cooldown,” showing fading momentum.
Still, analysts see $110K as a support level, as long-term holders often avoid selling heavily at that price. This may help prevent deeper losses.
But unless demand returns soon, Bitcoin could struggle to break higher, and bearish signs may keep weighing on short-term moves.
