Bitcoin’s $117K–$119K Resistance: 500,000-Coin Accumulation Could Propel Rebound Toward $128.7K

On-chain data analyst Murphy told COINOTAG News that the BTC Cost Basis Distribution shows a concentrated accumulation band above the spot price, encompassing over 500,000 coins with a cost basis between $117,300 and $119,100. Those positions were largely built around July 15–22 and remained unliquidated during the recent pullback, while the prior $117,000 support has since acted as a meaningful resistance level.

Murphy characterized current market psychology as cautious; from a supply-demand perspective, a structural shift as these holders move from unrealized losses to break-even would alter realized supply dynamics and could compress available selling pressure, thereby influencing the potential amplitude of any BTC rebound.

Using the MVRV Extreme Divergence Pricing Range, the April–August upward trend channel presently spans roughly $117,500 (lower bound) to $128,700 (upper bound). A sustained break above the identified resistance and a successful retest would indicate a technical re-entry into that channel and increase the probability of a move toward the channel upper bound. This analysis is provided for informational purposes and is not investment advice.