Key Takeaways
BTC’s Perpetual-Spot Price Gap has turned negative, signaling short pressure. Spot inflows are rising, while on-chain activity remains strong, leaving Bitcoin at a key turning point near $113K.
Bitcoin’s [BTC] market structure is under scrutiny again after hitting a new all-time high, as its Perpetual Price on Binance traded below the Spot Price.
This divergence signals increasing pressure in the derivatives market, where short positions appear to dominate.
Historically, such flips often occur around major tops, hinting at overheated long positions and speculative exhaustion.
That said, the gap may also suggest accumulation via spot buys, especially as prices test long-term support.
Will bulls hold the line at the $113K–$111K support zone?
Bitcoin recently dropped below $116K, failing to maintain momentum after rejection near $120K.
The price now hovers around $113K, testing both a horizontal demand block and an ascending trendline that has supported BTC since March.
The Parabolic SAR has flipped bearish, and the Relative Strength Index (RSI) has dropped to 44, at press time, both signaling waning momentum.
Unless buyers defend this area strongly, downside targets near $105K or $100K may open up quickly.
Source: TradingView
Are rising spot inflows pointing to a shift in trader positioning?
On the 2nd of August, BTC saw a Net Inflow of $32.56 million into spot exchanges, interrupting a long-running trend of exchange outflows. This sudden positive netflow could reflect increased sell-side intent or simply traders moving funds to hedge or rebalance.
Previously, sustained outflows suggested confidence among long-term holders. However, this inflow amid price weakness near support may highlight growing caution or profit-taking behavior.
Will surging on-chain activity provide fuel for a bounce?
Despite bearish trading patterns, Bitcoin’s network activity has improved.
As per IntoTheBlock, Active Addresses were up 11.6%, New Addresses were up 7.7% and Zero Balance Addresses by 12.1%, as of writing.
Historically, rising address activity supports broader market participation and future demand. However, such network expansion needs to coincide with a bullish price structure to drive rallies.
For now, on-chain engagement adds a layer of optimism, especially if the support zone holds and BTC regains momentum.
Can strong fundamentals offset growing sell pressure near support?
Bitcoin stands at a crucial turning point as derivative weakness, rising exchange inflows, and a key support retest converge.
However, growing on-chain activity and previous spot accumulation offer a bullish counterweight. The $113K–$111K zone remains critical for maintaining upward structure.
A breakdown could trigger deeper losses, while a strong defense may revive bullish momentum. Therefore, market participants will closely monitor this level to assess Bitcoin’s next directional move.
