Bitcoin (BTC) surged back above $112,000 on Tuesday, marking a sharp rebound from last week’s mid-range consolidation. According to data, the world’s largest cryptocurrency is now trading at $112,040, up 0.66% in the past 24 hours, with daily trading volumes soaring nearly 20% to $68.9 billion.
The move follows a period of tight price action around the $110,000 mark, where Bitcoin had hovered for days amid declining volatility. The renewed momentum now places BTC firmly within striking distance of recent local highs, as bullish traders anticipate a potential breakout from the consolidation zone highlighted in recent 10x Research reports.
Whales Accumulating, Mega Whales Distributing
Recent on-chain data from Glassnode, featured in 10x Research’s latest analysis, shows a significant shift in market structure. While smaller whales (wallets holding 1,000–10,000 BTC) have been steadily accumulating, mega whales (10,000+ BTC) have continued to distribute holdings, effectively balancing the market and suppressing volatility over the past quarter.
This tug-of-war between accumulation and distribution has defined Bitcoin’s range-bound behavior throughout 2025. Analysts suggest that with the legacy wallet distribution trend now moderating and ETF inflows stabilizing, Bitcoin’s next directional move could soon materialize.
Market Cap Nears $2.3 Trillion as Liquidity Improves
At its current valuation, Bitcoin’s market cap stands at $2.21 trillion, with a fully diluted value (FDV) of $2.33 trillion. The circulating supply remains steady at 19.93 million BTC, inching closer to the asset’s 21 million hard cap.
The surge above $112,000 coincides with renewed buying volume on Binance. Analysts note that liquidity depth has improved markedly following last week’s flash crash, signaling stronger participation from both institutional and retail investors.
Technical Setup Points to Breakout Potential
On the 1-minute chart, Bitcoin shows a clear breakout from a tightening wedge pattern, driven by increased spot demand and reduced sell pressure across major exchanges. The clean upward move from $109,000 to over $112,000 within hours suggests an accumulation breakout, with traders eyeing $114,000–$116,000 as the next resistance range.
However, analysts warn that sustained momentum will depend on the continuation of ETF inflows and reduced distribution from older wallets, factors that have historically dictated the strength of Bitcoin’s rallies.
Outlook: Consolidation Ending, Momentum Returning
Bitcoin’s latest rebound above $112,000 adds weight to the view that the long consolidation phase highlighted by 10x Research may be nearing its end. With whale accumulation rising, trading volume expanding, and macro sentiment improving, volatility appears ready to return to the market.
As one analyst from 10x Research summarized earlier this week: “Bitcoin’s big consolidation won’t last forever, and when the inflow impulse returns, the breakout will be decisive.”