Bitcoin Must Defend This Key Support For $180,000 Year-End Target, Analyst Says

Bitcoin is consolidating near $119,000 after reaching a new all-time high above $123,000 last week, with on-chain indicators presenting a mixed picture for its next major move. BTC exchange reserves have risen since late June, suggesting increased profit-taking activity that could weigh on the cryptocurrency in the short-term. Large holders and miners have also been increasing their deposits since July 18. However, overall inflows to centralized exchanges remain relatively low compared to earlier this year. The Unspent Transaction Output (UTXO) count continues to decline, indicating long-term accumulation and reduced short-term selling pressure. Investors appear to be consolidating their coins, reflecting strong conviction in Bitcoin's long-term potential. Institutional and exchange-traded fund (ETF) flows remain robust, with nearly $50 billion flowing into Bitcoin investment products year-to-date. US-listed spot BTC ETFs have recorded four consecutive months of positive inflows, with over $18 billion added since April 2025. While some cautionary signs are emerging, the broader bullish trend will remain intact as long as Bitcoin defends the $110,000 level, and the year-end target of $180,000 is still possible if ETF and institutional inflows gain further momentum.