Is Bitcoin Gearing Up for a Breakout? On-Chain Signals Say ‘Watch This Level’
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 is experiencing consolidation due to selling pressure and macroeconomic factors. On-chain data indicates that Bitcoin is stabilizing above the $104,000 support zone, where demand is absorbing sell pressure. Open interest on Binance has declined, indicating a deleveraging trend in the derivatives market. This divergence suggests traders are reducing leveraged positions amid market uncertainty. The $104K region has seen significant long position liquidations, with few short liquidations, indicating a flush-out of recent entrants. Analysts believe this deleveraging could lead to a price rebound if macro conditions remain favorable. Additionally, whale activity on Binance has surged, with the whale ratio increasing from 0.08 to 0.77, indicating significant accumulation among large holders. This trend suggests confidence in future price appreciation despite current volatility.
