Bitcoin (BTC) has integrated a thin liquid “air gap” between $110,000 and $116,000 as the market awaits new demand to establish the company’s foundation.
According to Report on August 6th According to GlassNode, the price of the BTC has returned to $113,000 after setting a new all-time high of over $123,000 in mid-July. This price movement left many buyers in the water these days, creating cost-based supply clusters over $116,000.
The lower limit of that cluster repeatedly supported rebounds until July 31st, when BTC proceeds to the air gap. Historically, such low-fluidity ranges can change into accumulation zones as buyers intervene in perceived discounts.
The report measured the dip view by comparing entity adjustment URPD snapshots from July 31st and August 4th.
Following a rebound from around $112,000, investors acquired around 120,000 BTC, raising spot prices above $114,000, proving opportunistic demand.
Still, the $110,000 to $116,000 bands remain light in total supply. The time spent accumulating here could potentially build a platform for the next move.
New resistance, no metrics overheated
The rally has yet to regain its week and month owner cost base, but now has a critical resistance of nearly $116,900. The sustained break above indicates recovery control of demand, while the obstacles increase the risk of deeper testing at previous record highs.
Prices are $106,000 above the Short-Term Holder (STH) cost base, rather than a “warm” but overheated regime. This price level is a threshold that divides the historically short-term bull and bearish stages of Bitcoin bull market.
The STH supply of profits fell from 100% to 70% during drawdown, consistent with the midline of the previous bull cycle. The profit percentage of STH spending is cooled to 45%, meaning a balanced market that is below neutral and not dominant on either side.
ETF flow and leverage
On August 5, the US Spot Bitcoin Exchange-Traded Funds (ETFs) saw the 1,500 BTC spill, the biggest match of ETF sell-side pressure since April 2025. Historically, these episodes have been short, but persistence of surveillance is important.
With derivatives, the permanent funding rate has returned at less than 0.1%. This is a neutral zone that shows upside-down convictions in conditions similar to the cooling speculative appetite of a close relative.
Taken together, Bitcoin appears to be trapped in a corridor between $110,000 and $116,000, waiting for enough demand to accumulate supply and recapture $116,900 and reaffirm the uptrend.