Bitcoin Remains Above $109K as Long-Term Holders Increase Accumulation
Bitcoin is currently trading at $109,874, reflecting a 2.3% daily increase after a modest correction from its recent all-time high above $111,000. Despite market volatility, there is ongoing bullish sentiment among traders.
High Leverage Triggers Liquidations
- Over-leveraged traders faced significant liquidations during the price drop below $111,000.
- The first wave of liquidations near $110,900 resulted in over $97 million lost in long positions.
- A second wave occurred around $109,000, wiping out an additional $88 million.
- Cascading margin calls intensified sell pressure during these corrections.
Long-term holders (LTHs) remained active and seized the opportunity to accumulate Bitcoin during this volatility.
Long-Term Holders Accumulate
- LTH realized cap surged past $28 billion, not seen since April.
- Accumulation by LTHs during liquidations suggests confidence in Bitcoin's long-term value.
- This behavior historically precedes upward price expansions as selling pressure decreases.
- The reset of leveraged positions may set the stage for another breakout attempt beyond previous highs.
