Key Takeaways
Bitcoin defends $110K support as miners ease flows and buyers absorb supply. Besides, Stock-to-Flow ratio jumps 11%, reinforcing scarcity alongside stable funding rates.
Since September began, Bitcoin [BTC] has seen miner flows to Binance rise sharply, with more than 56,000 BTC deposited, raising critical questions on selling pressure.
Despite recent volatility, on-chain flows have cooled, indicating that many miners are now choosing to hold or sell over-the-counter rather than through exchanges.
This shift in behavior has helped limit downside risks, as buyers continue to absorb available supply.
However, the market is approaching a critical juncture: if reduced flows persist, they could help sustain price strength—but a sudden resurgence in selling could threaten short-term stability.
Can Bitcoin ignite a rally to $140K?
At press time, Bitcoin traded around $115K after bouncing from a crucial demand zone near $110K, signaling firm support. The RSI indicator sat at 56, showing momentum remains healthy without being overextended.
The projected path suggests a potential breakout toward $123K, with further gains eyeing $140K if bullish demand persists.
However, if Bitcoin fails to reclaim $123K decisively, the market could face renewed consolidation.
Therefore, buyers must defend the $110K–$112K zone strongly, as losing it may invite deeper retracements before another attempt higher.
Scarcity metrics strengthen as Stock-to-Flow ratio rises 11%
The Stock-to-Flow (S2F) ratio has surged over 11% to reach 708K, as of writing, reinforcing Bitcoin’s scarcity narrative.
This increase suggests that circulating supply relative to new issuance continues tightening, which historically supports long-term valuation.
Furtherm
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Author: Erastus Chami
