Bitcoin Pulls Back to $119,053 After Retesting $122,000 Level
Bitcoin recently reached approximately $119,053 after retesting the $122,000 level, indicating a short-term correction following earlier highs. Analysts are monitoring market strength and Binance's dominance in global trading volume.
Key Insights on Bitcoin Trading Volume
- During the first ATH in 2024, Binance's trading activity was over double that of all other exchanges combined.
- When retesting its ATH later, overall market volumes increased, but Binance maintained its lead.
- In mid-2025, total market volume did not significantly increase compared to prior rallies, raising concerns about sustaining higher prices.
- A lack of broad market participation could indicate challenges ahead for Bitcoin's price stability.
On-Chain Analysis and Market Trends
- Binary CDD metrics indicate selling pressure from long-term holders has been low, with recent spikes leading to corrections.
- The current trend reflects a "stair-step" rally, suggesting gradual growth while limiting speculative activity.
- Limited selling from long-term holders at current prices indicates potential for future upside if investor demand continues.
