The recent price rally of Bitcoin ($BTC) seems to be going through a loss of steam just near the exclusive highs. The new market data reveals that Bitcoin is endeavoring to break above the resistance level at $104,000 as the derivatives pressure is rising amid the liquidity battle. However, the continuous struggle to surpass the respective price level highlights the top crypto asset’s potential to soon make notable developments.
Bitcoin Price Remains Shy of $104K Despite Surpassing Psychological Barrier of $100K
As Bitcoin ($BTC) is maintaining its position above the psychological barrier of $100K, it shows a positive momentum building around it. Simultaneously, it has witnessed a surge in short positions, pointing out that traders are placing bets against the key crypto asset’s short-term rise.
The market is currently going through a moody state as the hesitation toward long positions signifies a surge in caution among crypto traders who are anticipating a huge pullback. In the meantime, the on-chain data also indicates a hike in institutional demand for Bitcoin ($BTC). Specifically, the Bitcoin ($BTC) ETFs are getting notable inflows.
This growing institutional demand and declining liquidity in over-the-counter markets and exchanges like Coinbase could lead to a supply squeeze, in the case the $BTC bulls clear the $104K spot. Nevertheless, at present, Bitcoin ($BTC) appears to be locked in a narrow consolidation range between $101K as well as $105K.
Whales Show Consistent Confidence Although Top Crypto Asset Stays within $101K-$105K Range
Based on the latest crypto market data, the whales are steadily holding onto their $BTC positions, showing a great confidence in long-term potential. In this respect, they likely have high-yield expectations.
Apart from that, a noteworthy surge to $104.533K has again raised confidence in a potentially upcoming Bitcoin price action. Hence, at the moment, the market onlookers are keenly watching for the likely signs of a massive price spike.
