Bitcoin has been stuck at around $117,000, but there is something solid forming beneath the surface. There are now over 73,000 BTC in wallets that bought between $117,259 and $117,468 — a range that has become one of the most defended zones on the chart.
This is more than just technical support drawn with a trendline; it is real money that decided this level made sense — and the market has respected it so far.
Every dip toward $116,000 over the last few sessions has been met with enough demand to stop the price from falling any further, and while there has been no explosive rebound, there has also been no urgency to leave the zone. That kind of behaviour usually signals positioning rather than speculation.
The $117K level continues to attract demand, with ~73K $BTC now held at this cost basis. Each dip is being absorbed, as investors steadily accumulate in this range: https://t.co/Z7YaRYAyAc pic.twitter.com/0klgr8Tvhs
— glassnode (@glassnode) July 28, 2025
After hitting a high of around $122,000 at the start of the month, Bitcoin took a bit of a dip but did not really go off the rails. Instead, it sort of hit a plateau, and now it is pretty obvious why.
Floor or trap?
The cost-basis heatmap shows that this zone not only has high prices, it is also very popular. Not from hype-traders chasing headlines but from holders who seem perfectly content to sit tight in the $117,000 range.
At press time, the Bitcoin price is trading at around $118,800. It is not breaking out, but it is not breaking down either — it is just coiling near the middle of a cluster that now holds over $8 billion in spot value. It is not the most thrilling price action, but it is the kind that often establishes a foundation when no one is paying attention.
If this floor holds, it will not be because the chart said so — it will be because 73,000 BTC already made that decision.