Top Bitcoin buyers stand their ground! Supply remains strong above $118,000.

Despite the recent pullback in Bitcoin (BTC), on-chain data shows that top investors who purchased above $118,000 have not engaged in dumping, and the supply remains strong. This phenomenon reflects the confidence of long-term funds and provides important reference for the market's future trends. Can Bitcoin establish a solid support above this key price level and become the starting point for a new round of market movement?

On-chain data reveals: High-level buyers choose to hold, no panic dumping observed

According to the latest analysis from Glassnode, the Bitcoin Cost Basis Distribution (CBD) heatmap shows that the recent price pullback has not triggered a large-scale dumping from buyers above $118,000. These top buyers have chosen to hold their ground, reflecting confidence in a long-term increase. Supply is concentrated in the range above $116,000, while supply below $109,000 is relatively scarce.

Price gaps appear, buying on dips may form new support

As the price of Bitcoin quickly broke through its historical high last month, a "gap" appeared in the CBD heat map — specifically, in the range of $116,000 to $118,000, where supply has not yet fully changed hands. The recent pullback has caused assets to begin to "fill" this gap, with some investors choosing to buy on the dips, indicating that this range is likely to form a new support cluster.

Support and Resistance: Top Buyers as Market Stabilizers

Despite some panic selling by buyers in the range of $118,000 to $120,000, most top investors still choose to hold. This behavior helps to alleviate downward pressure and provides a stable foundation for Bitcoin to build a base at high levels. If funds continue to flow in the future, this range is expected to become a springboard for a new round of increases.

Market Outlook: Focus on Supply Changes in the "Gap" Range

In the coming days, whether the Bitcoin price can maintain above $118,000 will depend on the holding confidence of top buyers and the willingness of new buyers to enter the market. If supply quickly accumulates in the "gap" range, BTC is expected to build solid support and welcome a rebound. On the contrary, if panic selling intensifies, it is necessary to be alert to further downside risks.

Conclusion

Top Bitcoin buyers are holding firm above $118,000 without selling, providing strong support for the market. Investors should closely monitor on-chain supply distribution and changes in key price levels to seize the next trading opportunity.