Bitcoin remains trapped in a tug-of-war between $115,000 and $125,000, with large holders quietly selling while retail investors celebrate each move above $120,000. Despite recent macro headlines and an altcoin rally drawing attention, price action indicates the leading cryptocurrency is stuck in a distribution phase rather than building momentum for another upward push.
On September 14, pseudonymous market analyst Doctor Profit published detailed analysis showing the current $115,000 to $125,000 range represents a critical profit-taking zone for major holders. According to his research, large holders have offloaded 116,000 BTC worth approximately $13 billion over the past 30 days, marking the largest whale sell-off since July 2022. His analysis also revealed that spot Bitcoin ETF inflows have cooled to just 500 BTC per day, a sharp decline from peak levels in late July and early August.
This reduced demand, combined with increased selling pressure from major holders, explains Bitcoin’s inability to break out decisively. Without steady institutional absorption, the supply glut has weighed on momentum, causing BTC to move mostly sideways. The assessment comes despite geopolitical tensions failing to rattle markets, as Bitcoin held firm around $116,000 over the weekend despite President Donald Trump’s threats of steep tariffs on China and calls for harsher sanctions on Russia.
Bitcoin has gained over 8% in the past two weeks and trades at $116,514 as of current writing.
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