key takeaways:
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Bitcoin Price Matrix features and shown strong support to $ 96,000- $ 104,000.
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The open interest drawdown of $ 3.7 billion resets an overheet market and presents BTC for a possible rebound.
Bitcoin (BTC) The week is 4.50% below and can re -see the level of $ 100,000 in the next few days, but the data suggests that the trade may be limited for a long time below this level.
In a recent post, Cryptoctive noted That the net realized the profit/loss (NRPL) chart, which tracks profits and losses from bitcoin transactions, reflects moderate gains at current levels. This activity, while notable, is much lower than the spikes observed during the cycle peaks in March and November 2024.
Each of these periods marked acute sales-closes which are at the top of the market, but recently really restrained, indicating that the market is not overheet. This suggests that the trajectory of bitcoin has ended upwards.
Another major metric He supports If a sharp bounce falls below $ 100,000 if a sharp bounce falls below $ 96,000, there is a short -term feeling price. The metric shows the average value on which the recently transacted bitcoins were acquired, served as a significant support level.
If bitcoin falls below $ 100,000, a level of $ 96,000 can act as a floor, attract buyers and limit the negative side. Historically, bitcoin has not seen below the short -term feeling value for a long time during rapid cycles, reflecting the firm holder’s punishment and market demand.
Crypto merchant altcoin sherpa suggested The current market situation is primed for price recovery in the coming days. Highlighting a major support area between $ 102,000 and $ 104,500, where BTC had consolidated before the first high breaks, the merchant estimates a bounce that can push the bitcoin above $ 107,000 within the next week.
Similarly, Crypto’s technical analyst Titan noted BTC is reaching a major technical support level. The businessman said,
,BTC Daily Kijun is pulling back to ~ $ 102,700. This area was previously held and could serve as a solid base for the next step. ,
Related: Price predictions 5/30: BTC, Eth, XRP, BNB, SOL, DOGE, ADA, SUI, Hype, Link
$ 3.7 billion Bitcoin Open Interest Wipeout Resets Market
Bitcoin’s Futures Open Interest (OI) experienced a $ 3.7 billion wipeout as the BTC price fell from $ 108,000 to $ 104,500. This can be considered a healthy market reset, as it reflects the liquidation of overgrowth positions, reducing the enthusiasm of the market.
High OI often indicates over-level trade, which can increase volatility. When a slight value drop triggers liquidation in a significant number of liquor, as illustrated above, it cleans the speculative position, stabilizing the market.
Related: How much can the price of bitcoin be reduced?
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
