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Bitcoin exchange inflows surged past $9.4 billion following the latest CPI data, signaling intensified sell pressure in the market.
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Key support levels between $107,000 and $109,000, supported by Fibonacci retracement and on-chain accumulation data, are emerging as critical zones for Bitcoin’s price stability.
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According to COINOTAG analysis, an 8% correction remains probable unless Bitcoin decisively reclaims the $117,000 resistance with strong buying momentum.
Bitcoin faces mounting sell pressure with $9.4B inflows post-CPI; key support at $107K-$109K may hold unless BTC breaks $117K resistance.
Exchange Inflows Indicate Rising Selling Activity Amid CPI Impact
On July 15, Bitcoin experienced a significant influx of over 80,810 BTC moving to centralized exchanges, marking the largest single-day inflow in recent weeks. Valued at over $9.4 billion, this movement reflects heightened selling interest triggered by the Consumer Price Index (CPI) report. Historically, such large inflows precede price corrections as holders prepare to liquidate positions. The correlation between rising exchange inflows and weakening price action underscores the cautious sentiment prevailing among investors.
BTC price and rising exchange inflows: CryptoQuant
Accumulation Clusters Provide Crucial Support Zones for Bitcoin
On-chain data from Glassnode highlights significant accumulation clusters where investors have historically purchased Bitcoin in bulk. These zones, particularly between $93,000–$97,000 and $101,000–$109,000, serve as natural support levels during market pullbacks. The $107,000–$109,000 range is especially notable due to its proximity to a recent consolidation phase before Bitcoin’s breakout. Such accumulation zones often attract dip-buyers, reinforcing price floors and mitigating deeper declines.
Key accumulation clusters for Bitcoin: Glassnode
Technical Analysis Suggests Potential for an 8% Correction Without Strong Recovery
Bitcoin’s price recently slipped below the 0.236 Fibonacci retracement level at $117,293, following a decline from its all-time high of $123,203 to around $117,143. Fibonacci retracement levels, drawn from the June low near $98,160 to the peak, identify potential support and resistance zones during price corrections. The next critical support lies at the 0.618 retracement level of $107,726, often referred to as the “golden pocket,” where assets typically find strong buying interest during healthy pullbacks.
Bitcoin price analysis. Source: TradingView
The alignment of this Fibonacci level with the $107,000–$109,000 accumulation cluster strengthens its validity as a support zone. Should Bitcoin continue to decline, an 8% correction to this level is plausible. Conversely, a sustained recovery above $117,293, accompanied by a reduction in exchange inflows, could invalidate this bearish outlook and signal renewed bullish momentum targeting previous highs.
Market Sentiment and Future Outlook
Investor sentiment currently leans cautious, influenced by macroeconomic data and technical signals. The surge in exchange inflows suggests that some holders are opting to realize profits or reduce exposure amid uncertainty. However, the presence of strong accumulation zones indicates that long-term investors may view current levels as buying opportunities. Monitoring exchange inflow trends alongside price action will be crucial for anticipating the next directional move.
Conclusion
Bitcoin’s recent price correction, triggered by CPI data and evidenced by significant exchange inflows, highlights a phase of increased selling pressure. The $107,000–$109,000 range emerges as a vital support zone, bolstered by both Fibonacci retracement and on-chain accumulation data. While an 8% dip remains a realistic scenario, reclaiming the $117,000 resistance with diminished selling pressure could restore bullish momentum. Investors should closely watch these technical levels and exchange activity to navigate the evolving market landscape effectively.
