Bitcoin on-chain data reveals bullish signals: whales and retail investors are increasing their holdings simultaneously, key support stabilizes above $110K, is a BTC price rebound imminent?

In the past 15 days, despite the pullback in Bitcoin price, on-chain data and market indicators show positive signs. Whales (Holdings > 10,000 BTC) and retail investors (Holdings < 1 BTC) have rarely synchronized their accumulation of BTC, indicating confidence in Buy the Dips in the market. Bitcoin price has successfully defended the key psychological support level of $110,000, and technical indicators suggest upward potential. At the same time, the surge in active on-chain addresses, the spike in the stock-to-flow (S2F) ratio, and the continuous net outflow from exchanges collectively reinforce the long-term bullish narrative for Bitcoin. This article analyzes the latest dynamics of BTC based on on-chain data and explores its rebound potential.

Market Confidence Rebounds: Whales and Retail Investors Rarely Increase Holdings of BTC Simultaneously In the past 15 days, Bitcoin (BTC) has re-captured the attention of whales and retail investors, indicating that market confidence is recovering after a recent price pullback. According to on-chain data monitoring from Glassnode, large holders (whales) with holdings greater than 10,000 BTC and small wallet addresses (retail investors) with holdings of less than 1 BTC have continued to accumulate Bitcoin over the past two weeks. This synchronized accumulation behavior across groups occurs during a relatively weak price period and is a typical "Buy the Dips" signal. Historically, when these two groups accumulate simultaneously, it often signals a price rebound, as it reflects a shared belief among experienced investors and newcomers. Although this indicator uses a 15-day smoothing window that may lag behind short-term sentiment changes, the rekindled buying interest from investors at all levels suggests they are positioning themselves for a potential rebound.

Strong technical support: BTC price holds the key level of $110,000 The price trend of Bitcoin continues to be supported by the upward trend line, successfully maintaining the key psychological level above $110,000. Despite facing short-term fluctuations, this support level remains solid, reinforcing the overall bullish structure. At the time of writing, the spot price of Bitcoin is around $114,000, showing signs of consolidation above its rising support line. The Relative Strength Index (RSI) reading is at 46, slightly below the neutral zone, which leaves room for a price recovery while not signaling overbought conditions. As long as the price trend of Bitcoin continues to respect this trend line, its bullish outlook remains valid. If momentum continues to build, BTC may retest the resistance range near $118,000 to $122,000 in the short term.

On-chain activity heats up: Network demand continues to expand, indicating a bullish market foundation On-chain data shows that the activity of Bitcoin network addresses continues to increase. In the past 7 days, the number of new addresses grew by 5.75%, and the number of active addresses surged by 8.15%. Zero balance addresses (which may indicate an increase in wallet restructuring or transfer activity) skyrocketed by 15.12%. This widespread growth signifies higher user engagement and an expansion of network utility. These trends are often early signals of strengthening demand, especially when they occur alongside accumulation patterns. Therefore, the rise in address metrics can serve as a foundational pillar supporting a stronger bullish narrative.

Increasing Scarcity: Bitcoin S2F Model Soars, Strengthening Long-Term Value The stock-to-flow ratio (S2F Ratio) of Bitcoin has recently surged over 66%, reaching 1,061,400. This significant increase in the ratio indicates that Bitcoin's scarcity has markedly enhanced relative to the issuance of new coins. Historically, a rising S2F indicator typically aligns with a long-term bullish price trajectory, especially in scenarios where supply tightens alongside increasing demand. Although this indicator does not predict short-term price fluctuations, it strongly supports Bitcoin's value narrative as "digital gold." Combined with the growing activity of network addresses and ongoing accumulation behavior, the leap in S2F further reinforces the view that BTC's long-term fundamentals remain robust.

Strong Will to Hold Coins: Continuous Outflows from the Exchange Highlight Long-term Holding Strategy The Bitcoin spot exchange fund flow continues to show a net outflow, with a single-day net outflow of approximately 53.68 million USD recorded on August 6. This indicates that investors are increasingly transferring assets to cold wallets and other offline storage, reflecting a strong long-term holding behavior. Continuous net outflows from exchanges typically point to reduced market selling pressure and enhanced confidence in holding coins. Despite recent price pullbacks, this trend shows that market participants are not panic selling. On the contrary, they seem to be preparing for long-term holding, which in turn reinforces the bullish structure underlying the Bitcoin market.

Conclusion: Key indicators converge, BTC is poised to challenge the resistance zone In summary, as key indicators such as investor behavior, key technical support levels, and on-chain activity show positive changes, the Bitcoin market is stabilizing. The synchronized accumulation by whales and retail investors, the expanding network participation, and the continuous decrease in exchange supply all lay the foundation for a potential bullish trend continuation. Whether Bitcoin (BTC) can successfully break through its next key resistance area ($118K-$122K) will depend on the sustainability of these positive trends. The positive signals from on-chain data and the stabilization of prices at key support levels provide important market insights for cryptocurrency investors.