BTC Bids Deepen Under $105K Amid Market Cleanup
Bitcoin is entering a "clean-up phase" after a major deleveraging event, with strong sell pressure pushing prices lower and major buy orders clustering between $100,000 and $105,000. Technical support around $107,000 is limited, and a price drop below $105,000 could shift focus toward the yearly open at $93,500. On-chain data indicates stabilization above the 135-day moving average and suggests that recent selling was mainly from traders who bought near the top, as over 90% of supply remains in profit—unlike previous major capitulation events. Deleveraging has been largely orderly, with most liquidations being voluntary rather than forced. Key resistance for a bullish reversal stands at $117,500, but Bitcoin may trade sideways between $100,000 and $110,000 as it forms a new bottom. The price is also retesting a multi-year uptrend line, suggesting the broader bull market may remain intact if support holds.
