Bitcoin (BTC) is confronted with renewed downward pressure while it has difficulty maintaining levels above $ 115,000. At the time of writing, the cryptocurrency trades around $ 115,745, a decrease of approximately 2.2% in the last 24 hours and almost 6% lower than the highest point of July of $ 123,000.
The newest market movement has asked questions about the stability of the price in the short term, in particular in the midst of growing concern about weak structural support in the current trade zone.
Recent data from on-chain analytics platform cryptoquant suggest that although long-term holders remain largely profitable, the short-term sentiment has shifted.
Bitcoin UTXO data indicates the change of investor behavior
Activity under Bitcoin on -Dum the transaction -output (Utxos), a metric that keeps coins spent in profit or loss indicates that many investors start to respond to smaller price decreases, which may be indicated on increased market insecurity.
In a recent analysis On the Quicktake platform of Cryptoquant, employee Darkfost shared insights about how UTXO activity can reflect a broader market sentiment.
“This graph, based on Utxos from block data, emphasizes the number of Utxos that is issued in profit or in loss,” wrote the analyst, and noted that this approach focuses on the number of transactions instead of value, which means that price noise is eradicated.
Historically, Bitcoin has seen a dominance of Utxos that are spent on profit, in which patient holders benefit from appreciation in the long term. Between 11 and 13 July, the ratio of profitable Utxos compared to that with loss above 10,000, which means for every loss -making expenses, there were more than ten thousand profitable.
Since then, however, this ratio has decreased to around 500, which suggests that some investors now close positions with losses, even with small price repair. According to Darkfost, this change can indicate the sales pressure in the short term despite the general profitable status of most holders.
Weak support structure contributes to the downward risk
Another cryptoquant analyst, hair tunn, marked Structural weaknesses in the recent price control of Bitcoin. On July 10, BTC quickly climbed from $ 112,000 to $ 115,800, but this upward movement left little support on the chains in the price range.
Bitcoin teleported from $ 112 to $ 115.8k – but there is thin air below
“From a technical point of view, there is no resistance or consolidation from the past that could now act as support. If this final support area breaks, the price can fall rapidly.” – By means of @Ja_maartun pic.twitter.com/a3hqoanfdc
– Cryptoquant.com (@Cryptoquant_Com) August 1, 2025
“The move happened so quickly that no support levels were formed,” the analyst explained. “If the momentum falls or sellers gets into, the price can fall as quickly as it rose.”
Because Bitcoin is now floating just above his last known support zone on the chains, analysts warn that a failure to maintain this level can speed up the decline.
Featured image made with Dall-e, graph of TradingView