Bitcoin price reached $111.8K recently but pulled back to $103.2K, indicating a potential cooling of momentum after a strong climb.
Spot buying drove the rally, as per Glassnode's Cumulative Volume Delta Heatmap, with heavy accumulation observed in the $81K-$85K, $93K-$96K, and $102K-$104K price zones.
Early buyers from early 2025 are facing pressure with BTC near $103K, deciding whether to hold or take profits as support between $93K and $104K is crucial for further bullish momentum.
Market awaits to see if the support zones hold to propel Bitcoin higher, or a breakdown could lead to a retrace towards the $90K region, emphasizing the need to defend the current market structure.