Bitcoin news: BTC price holds ground as on-chain outflows bolster stability
Bitcoin holds above $108,500 support, eyes $110,530 supply zone
Bitcoin price has continued its recovery trend after a temporary pullback last week.
The price action since late June has favored the bulls, as Bitcoin climbed steadily into July, fuelled by optimism toward retesting its all-time high near $112,000. That momentum faced resistance last week when price touched the supply zone near $110,530 before sellers stepped in. The retracement found stability at $107,370, a level that aligned closely with the 61.8 Fibonacci golden ratio.
Highlights
-Bitcoin holds above $108,500 support level, reinforcing short-term bullish structure
-Volume decline over six days signals caution despite higher highs
-On-chain outflows point to growing investor confidence in Bitcoin rally
Over the weekend, Bitcoin regained traction, bouncing from that key retracement level and regaining ground toward the $108,500 zone. As of Monday, July 7, the price is perched on top of the $108,500 support level. This level holds added significance as it now coincides with a confluence of technical indicators on the 1-hour chart, including the rising 20, 50 and 100 exponential moving averages. These moving averages continue to slope upward, reinforcing the bullish structure of the current trend.
BTC price dynamics (May - July 2025). Source: TradingView
Intraday analysis shows Bitcoin still forming higher highs, suggesting the upward leg remains active. Price is currently retesting the $108,500 support, and holding above this level would keep the door open for another advance toward the $110,530 supply zone. A breakout above that zone would likely draw price action toward the all-time high near $112,000.
Bitcoin volume declines, but exchange outflows highlight investor conviction
From a broader perspective, although July has opened strongly in terms of price structure, volume in the past 6 days has shown a steady decline. This volume profile introduces an element of caution for breakout traders, suggesting the rally may be riding on sentiment more than momentum. Still, investor behavior appears to reflect a longer-term bullish bias.
Latest on-chain data shows consistent Bitcoin outflows from centralized exchanges, a sign that investors are opting to hold rather than trade. This trend supports the idea of growing confidence in Bitcoin’s long-term outlook. All eyes now shift to how price reacts at the current support and whether it can reclaim the near-term supply zone. A confirmed break higher would likely re-energize buyers and put the $112,000 target back on the table.
Bitcoin faced selling pressure as traders reacted to the $3 billion options expiry. Price flipped $108,500 into support after hitting a six-week high at $110,530.
