120K BTC Bought on the Dip as Bitcoin Price Hits $116K

TL;DR Around 120,000 BTC were bought during the recovery from $112K to $114K, showing buyer interest.

Long-term holders locked in $44 million profit during the price bounce, signaling cautious selling.

US liquidity growth and rate cut expectations may support altcoins if current trends continue.

Buyers Enter Near 112K Roughly 120,000 BTC were bought as Bitcoin recovered from $112,000 to $116,000, according to Glassnode.

The buying came as the market rebounded, with traders taking advantage of the lower price range.

Even with that activity, the $110,000 to $116,000 zone still shows low on-chain volume.

The analytics firm labeled this area as an air gap, where fewer coins have previously changed hands.

Without more buying, this zone may remain fragile if price remains stuck in it. ~120k $BTC were acquired during the rebound from $112k to $114k – evidence of opportunistic buying.

Yet supply within the $110k–$116k range remains sparse, meaning stronger accumulation is needed to form lasting support: https://t.co/1J8WjAFubu pic.twitter.com/vL4OL3hOlg — glassnode (@glassnode) August 7, 2025 Whales Lock In Profits Analyst Ali Martinez shared that long-term holders realized around $44 million in profit over two days.

This move lined up with Bitcoin’s recovery to just above $114,000 after trading lower earlier in the week.

Notably, the chart shows profit levels had been inconsistent through July.

The sudden increase in realized profit suggests that some holders decided to exit while the market showed short-term strength.

Source: Ali Martinez/X At press time, Bitcoin was holding at around $116,100 after a 1.2% move in the last 24 hours.

Sellers attempted to push it lower, but buyers kept the price above key support.

The currnet area continues to act as resistance.

The recent price action puts Bitcoin in a tight range.

Buyers are defending the lower zone around $112,000 while trying to break through $116,000. A clear move outside this range could guide the next trend.

Market Conditions and Liquidity Analyst ZYN noted that Bitcoin reacts to global money supply while altcoins move more with US liquidity.

US money growth is now rising at 1.09% year over year, the fastest rate since the third quarter of 2024. The Treasury is expected to issue more short-term debt.

The Federal Reserve may also lower interest rates two or three times before the end of the year.

These factors could support broader participation in crypto, especially in altcoins, if conditions stay on track.

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