Bitcoin Balances on Edge as Investors Await Key Macro Triggers

Bitcoin stands at a crossroad as traders anticipate a number of forthcoming macroeconomic announcements. At the time of writing, the flagship cryptocurrency was trading around $112,787, a small gain of 0.30% per day, but a weaker performance over the week. Despite the resilience of Bitcoin, analysts are cautious that the short run direction of Bitcoin will rely on how investors will respond to major levels of support and resistance in the coming days.

Pressure Mounts on Short-Term Holders

According to Glassnode, Bitcoin supply in profit has reached around 90%, a threshold that often signals trend-defining moments. If the ratio holds above this level, the market may reclaim higher ground. 

However, dropping back below it could trigger a corrective phase. Currently, the asset trades beneath the cost basis of both one-month and three-month holders, placing these cohorts under stress. Any rebound toward $115,600 is likely to meet resistance, as many investors look to sell at breakeven.

Besides, Glassnode’s data highlights a trading range between $107,000 and $113,600. The support is concentrated around the level of $107,000-$108,900, and the resistance is located just above $113,000. 

Any failure in defending the lower boundary will result in a pullback to the range of $93,000-$95,000. Therefore, there is still weakness in Bitcoin’s short-term sentiment because the futures positioning is slightly bearish.

ETFs and Institutional Demand Provide Cushion

Despite pressure on retail traders, structural demand continues to absorb supply. Timothy Misir, head of research at BRN, noted that U.S. spot ETFs added roughly $81 million in Bitcoin inflows within a day. 

Ethereum funds also attracted more than $300 million, reflecting steady institutional appetite. Moreover, ETFs, corporates, and governments are now collectively buying nearly 3,600 BTC daily, far outpacing miner issuance.

Notably, the Metaplanet of Japan also disclosed an intention to spend over $800 million buying Bitcoin in September and October. Meanwhile, the hashrate of Bitcoin is also at historic highs, which is an indicator of high miner confidence despite short-term investors being largely apprehensive.

Key Support Levels Ahead

Ali Martinez highlighted Bitcoin’s most important structural levels. He identified $104,520 as a critical resistance-turned-support zone, with $97,050 acting as a backup if prices weaken. 

The lowest long-term floor is around $59,720, anchored to heavy historical build-up in Bitcoin on-chain data. Therefore, any position above $104,520 supports a bullish trend, while a reversal could trigger deeper Bitcoin price corrections.

Outlook Ahead

The crypto market remains sensitive to macroeconomic triggers. Upcoming U.S. job data, the September 11 inflation release, and the Federal Reserve meeting on September 17 are poised to shape risk sentiment.