As bitcoin (BTC) bulls aim to reestablish an upward price trajectory, they may face resistance from sellers near the $113,600 level, according to on-chain data.

BTC has already bounced to $112,800 from sub-$108,800 levels hit Tuesday, CoinDesk data show. The bounce is likely fueled by a fresh all-time high in the S&P 500 and a better-than-expected earnings report by Nvidia, one of the largest publicly listed companies in the world by market value and a bellwether for all things artificial intelligence.

The path ahead may prove challenging, as investors holding at a loss may look to sell into any price rebound.

"Currently, bitcoin trades beneath the cost basis of both the 1-month ($115.6k) and 3-month ($113.6k) cohorts, leaving these investors under stress. Any relief rally is therefore

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