Bitcoin Grabs $117,500 Bid Liquidity Amid "Frothy" Altcoin Markets
Bitcoin (BTC) fell over 2% on Wednesday, dipping below the $120,000 mark due to sell-side pressure. Traders are targeting a potential price bottom around $117,500. In the past 24 hours, over 176,570 traders were liquidated, totaling $517.65 million, with the largest liquidation on Binance at $3.97 million. New ask liquidity is being added near the spot price, indicating a possible deeper correction. Analysts suggest a retest of lower price levels, with predictions of $113,000 as a potential target based on Fibonacci retracement levels. Onchain analytics firm Glassnode cautioned about market "froth" due to high open interest across derivatives, which could lead to increased volatility. Open interest for top altcoins exceeded $40 billion, marking an all-time high.
