Bitcoin Price Stabilizes Around $104,000 Amid Market Uncertainty
Bitcoin is currently trading at $104,835, down 2.1% over the past week and approximately 6.3% below its recent peak of $111,814. The asset faces selling pressure amid macroeconomic developments.
Market Analysis
- BTC support around $104,000 shows strong demand absorbing sell pressure.
- Open interest on Binance has declined, indicating a progressive deleveraging in the derivatives market.
- Technical divergence noted: stable prices with falling open interest suggests traders are reducing leveraged positions.
- Massive long position liquidations in the $104K area indicate flush-out of recent entrants.
- This deleveraging phase may allow for a price rebound if macro conditions remain favorable.
Whale Activity and Market Behavior
- Whale ratio on Binance increased from 0.08 to 0.77 since mid-2023, marking a 400% rise.
- Significant accumulation behavior observed among large holders, indicating long-term confidence.
- Users have leaned towards holding during volatility, with low inflows suggesting anticipation of future price appreciation.
