The Bitcoin liquidity war continues, but the price target remains $140,000.

Bitcoin is struggling to maintain its upward momentum after setting a new all-time high of 123,100 USD last Monday. The current price stagnation is believed to stem from selling pressure from retail investors, particularly on the Binance exchange. Data from CryptoQuant shows that the Net Taker Volume index has turned negative, falling below the 60 million USD threshold — reflecting a prevailing selling trend in market orders.

Net trading volume of Bitcoin | Source: CryptoQuantCautious sentiment is also clearly reflected in the regional indicators. In the US, the Coinbase Premium index – which measures the price difference between Coinbase and global exchanges – has remained nearly flat throughout July, indicating that spot investors are standing on the sidelines or taking profits. Meanwhile, the Korea Premium index has turned negative, showing that Bitcoin is being traded at a lower price on Korean exchanges – a clear signal of selling pressure from this region.

Bitcoin Korea Premium Index | Source: CryptoQuantHowever, the buying side continues to show resilience. Bitcoin price maintains above the strong support zone of 110,000 – 115,000 USD, indicating that the market is entering a “liquidity battle”. Analyst Boris Vest notes: large sell orders around the 116,000 USD mark are being well absorbed, while buyers are halting at the 120,000 USD zone – a healthy market structure with two-way cash flow.

The spot Bitcoin trading volume surged | Source: CryptoQuantDespite the selling pressure on Binance pushing the CVD (Cumulative Volume Delta) down to -4.1 billion USD, the market quickly rebounded with buying force worth 2.3 billion USD. This indicates that demand in the lower price range remains very strong. As long as Bitcoin holds the average of 110,000 USD, the bullish structure will be maintained, with room for a breakout as selling liquidity gradually depletes.

Technically, a pullback to the range of 112,000 to 115,200 USD could provide the necessary liquidity to prepare for the next rally. If the price strongly rebounds from this zone, the possibility of breaking the previous peak of 123,100 USD and moving up to the 139,000 USD mark is entirely feasible. However, if the price does not react positively after touching the recent low of 115,700 USD, the market could enter a deeper correction.

One-hour Bitcoin chart | Source: TradingViewResearcher Axel Adler Jr. concluded: “Bitcoin is still in a healthy growth zone, with buying liquidity still present. We have not yet entered an extreme euphoria phase, and the level of 139,000 USD remains a feasible target without overloading the market.”

Bitcoin price investor model | Source: Axel Adler Jr/X

Mr. Teacher