Bitcoin is currently facing selling pressure near the $113,600 mark, as recent on-chain data suggests that short-term investors may sell at breakeven. Following a price bounce from below $108,800, Bitcoin found some support, spurred by a rise in the S&P 500 and strong earnings from Nvidia. However, the prospects for a sustained rally face hurdles since many holders are underwater regarding their investments. The current trading price is below the one-month and three-month cost basis, indicating stress among investors. If the price surpasses $112,400 with significant volume, it may open the door to higher levels around $114,000 to $116,000. Nonetheless, with a crucial support level at $107,000—the six-month cost basis—a drop below this level could trigger panic selling among investors, exacerbating price declines. Market dynamics are mixed, with ETF inflows providing some bullish sentiment despite neutral spot demand.

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