Bitcoin has surged to approximately $122,000, marking a significant price increase over the past week. Analysts indicate that this movement may signal the start of a new accumulation phase. Swissblock's on-chain analysis describes the recent dip to $108,600 as a constructive reset, rather than a breakdown, suggesting a cleansing of excess leverage and absorption of weak sellers. The $114,000–$118,000 range experienced substantial selling pressure from late August buyers, which has now been cleared, potentially paving the way for a retest of Bitcoin's all-time high. Glassnode data reveals that short-term holders have maintained a cost basis of $111,600 since May, demonstrating resilience. Meanwhile, long-term holders are reducing selling pressure, which could support a bullish transition, although some downside risks persist.