- Bitcoin consolidates near $119.9K as buyers defend key support at $115.6K–$116.8K
- Whale accumulation reaches December 2024 levels, signaling strong bullish conviction
- Long-term holders control up to 80% of BTC supply, reinforcing market stability
Bitcoin is currently navigating a critical range as it pushes higher after a sharp liquidity sweep below $116.8K. The move triggered a swift recovery, indicating strong buyer demand at lower levels. Consequently, price action has begun consolidating near the $119.9K resistance an area that must be reclaimed for a potential all-time high retest.
Liquidity Sweep Offers Clarity, While Accumulation Zones Define Strategy
According to analyst Michaël van de Poppe, Bitcoin swiftly recovered after tapping liquidity beneath the $116.8K mark. The price action reflects a classic market structure where buyers step in after shakeouts.
The crucial support zone between $115.6K and $116.8K remains intact. However, if resistance near $119.9K continues to hold, the $110K to $112K region could offer another accumulation opportunity.
Besides, current price movement suggests a broader chop within the range. This environment often leads to liquidity grabs near both the highs and lows. Traders are advised to maintain a dip-buying approach.
Significantly, altcoins have rallied sharply in recent days, which often precedes short-term corrections. Hence, caution remains vital during this consolidation phase.
As you can see, #Bitcoin has taken liquidity on sub $116.8K and quickly inversed upwards.
— Michaël van de Poppe (@CryptoMichNL) July 21, 2025
I assume we'll take liquidity above the highs and are chopping around.
As we've seen such a tremendous return on the #Altcoin markets, be aware of potential corrections.
Buy the dip. pic.twitter.com/ehqtyOkzmj
On-Chain Metrics Reveal Renewed Confidence Across Wallet Sizes
Glassnode data confirms that all major Bitcoin wallet cohorts are actively accumulating. Notably, even entities holding over 10,000 BTC have resumed purchases at levels last seen in December 2024.
This synchronized accumulation across small and large holders points to strong conviction in the ongoing uptrend. Moreover, the alignment strengthens Bitcoin’s structural foundation ahead of potential breakout attempts.
This broad-based activity also reduces the likelihood of a deep sell-off unless major macro shocks occur. Hence, short-term price volatility is less likely to shake out serious participants. Such trends often precede stronger and more sustainable moves in Bitcoin’s price.
All major #Bitcoin cohorts by wallet size are back in near-perfect accumulation mode. Even >10K BTC whales are participating at levels last seen in Dec 2024. The alignment across wallet sizes suggests broad-based conviction behind the current $BTC uptrend. pic.twitter.com/GuRwMVGaob
— glassnode (@glassnode) July 21, 2025
Long-Term Holders Continue to Dominate Supply Despite Volatility
Crypto Rand highlighted that long-term holders remain unfazed by minor corrections. Bitcoin’s history shows several major downturns in 2014, 2018, and 2022 yet LTH supply consistently rebounded.
Since 2020, long-term holders have controlled around 75–80% of the total circulating supply. This reinforces their role as Bitcoin’s most reliable base.
Additionally, today’s price stands at $118,620 with a 0.61% daily gain, despite a 7-day loss of 2.70%. With a market cap over $2.35 trillion, Bitcoin continues to reflect strong investor confidence, even amid short-term fluctuations.
