key takeaways:
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The 36% of the bitcoin rebound from $ 74,500 runs in resistance to $ 106,000.
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Bid-side liquidity is on the negative side near $ 93,000.
Bitcoin (BTC) The price has been rebound from 9 April to 36%, at $ 74,500 in five months. However, its failure in decisively decisively dismantled by $ 106,000 has expressed concern whether a rapid improvement is possible in the coming days.
More than 97% of bitcoin holders are now in profit
Bitcoin’s condition Break above $ 105,000 It was observed that its price realized the price above the short -term holder as this colleague of traders gave up some of his unrealistic losses in profit.
Cryptoctive data shows that bitcoin investors were still in a state of loss less than 2.8% when the price rose to around $ 102,000 on 15 May, with a later accounting for 97% of the supply in profit.
The percentage supply in profit and loss evaluates the sum of unexpected transactions output (UTXO) that are in profit or not when they were finally transferred and compared to the current value.
If bitcoin increases from existing levels, more investors will be in profit. A high number of holders in profit is often seen as a signal Overheet marketWhich usually precedes or matches with price improvement.
As a result of this onchain signal, the price of bitcoin may see pullbacks in the coming days as investors choose to book profits.
Bitcoin open interest remains high
open interest (OI) On 14 May on Bitcoin derivatives reached a record high near $ 67.5 billion, as BTC came close to overcoming resistance at the level of $ 106,000.
“Bitcoin is looking very tired here, open interest has been caught up to the estimated levels of pre-time high levels,” Said Pseudonom Trader Adam adding to X in May 15 post, adding:
“I think this step from 80,000 was not enough to see new climb, but this is not the place where I will open fresh long.”
Additionally, Bitcoin CME Futures OI also hit the 90-day high of 146,950 BTC on 13 May, at that time a value of about 16.5 billion dollars, which was in accordance with cryptoctive data.
At the time of publication, the CM had a part of the lion with 22.9%, followed by 17.4%, then bibited with 10%.
With current strong demand for BTC Futures contractInvestors are considering the possibility of a pullback similar to the one to be held in the end of January, when BTC prices fell nearly 16% within seven days, lowering the swing at $ 91,530.
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Bitcoin value runs in resistance at $ 106,000
From a technical point of view, the latest Bitcoin rally was closed by $ 106,000 and a supply crowd zone $ 109,000 all time highWhen the price was rejected from this level on 31 January, it recorded a 27% loss in $ 78,000, suggesting that bears are aggressively defending the region.
Bitcoin bulls were required to produce a decisive daily candlestick above the region to maintain recovery.
Failure to flip $ 106,000 in support may lead to a lower price, along with the liquidity of the long position draws the price to an open year at $ 93,000.
The data of the coinglass showed a wall of building orders above $ 106,000, strengthening the importance of this resistance area.
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.
