Bitcoin Sharks Scoop Up 65K BTC as Price Clears $113K and Targets $117K Gap

TLDR:

• Bitcoin price trades near $115,202 with $117,200 marked as the next major level with a CME gap.
• Shark wallets holding 100–1,000 BTC added 65,000 BTC in a week, bringing total holdings to 3.65M BTC.
• Long-term holders are in accumulation mode, suggesting coins are being moved into cold storage, not exchanges.
• Exchange netflows show consistent outflows, reducing available supply and setting up a potential supply squeeze.

Bitcoin is back in focus after reclaiming $113,500 and climbing to $115,202. Traders are now watching the $117,200 level closely as it carries a CME gap that could pull prices higher. Analysts say reclaiming that level could open the path toward a new all-time high. 

A rejection, however, could send the price back to retest monthly lows. The market is holding its breath as spot buyers and leveraged traders position for the next move.

Bitcoin Price Clears $113K as Key Levels Approach

Crypto trader Ted pointed out that $117,200 is the next critical resistance for Bitcoin. He noted that reclaiming this level could unlock further upside momentum. 

Current data from CoinGecko shows BTC trading near $115,202, up 0.86% in 24 hours and 1.95% over seven days. Trading volume stands at more than $51.5 billion, reflecting strong market activity.

On-chain data from CryptoQuant adds context to the price action. Sharks, defined as addresses holding between 100 and 1,000 BTC, accumulated 65,000 BTC over seven days. 

Their combined holdings have now reached a record 3.65 million BTC. This accumulation came while prices were hovering near $112,000, suggesting larger buyers are positioning despite near-term volatility.

Sharks Accumulate 65K BTC as Exchanges See Outflows

XWIN Research Japan reported that long-term holder net position change has turned strongly positive. This metric tracks the 30-day balance change among holders who rarely sell. 

Green readings here mean coins are moving into long-term storage rather than circulating back to exchanges.

Exchange netflow data reinforces this pattern. Outflows have dominated in recent sessions, showing that investors are moving coins off exchanges. This behavior reduces available supply for trading and can build pressure for higher prices when demand rises. 

Together with shark buying, it paints a picture of steady accumulation beneath the surface.

Market observers say short-term pullbacks are still possible if leverage overheats. But the underlying trend shows supply tightening while larger players buy dips. For traders, the $117,200 level remains the line to watch. A clean move above could fuel momentum toward fresh highs.

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