Key Points:
Profit-taking near Bitcoin's range highs aligns with traders' reactions to new all-time highs.
Bottom-fishing near key liquidation zones and ongoing institutional investor demand suggest that selling pressure will not last long.
Bitcoin (BTC) suddenly faced a sell-off after reaching an all-time high of $124,474. Initially, this seemed like just regular volatility, with some traders choosing to take profits at the new high while others opted to short simultaneously.
In response to the recent sell-off, Bitwise's Head of Research for Europe, Andre Dragosch, released the above chart and pointed out that
it is noteworthy that a 6.72% pullback below $115,000 may exceed most people's expectations, with some analysts predicting that prices could further dip to $110,000 and lower.
In an interview with Cointelegraph, Hyblock co-founder and CEO Shubh Varma stated:
Varma mentioned that during these "liquidity grabs," "supply begins to appear on the order book and on-chain."
Due to Wall Street's weekend closure, institutional demand has dried up at this time, leading to an imbalance in order flow, Varma noted.
When asked about Bitcoin's performance after unexpectedly dropping below $115,000 on Monday and whether there is a possibility of further downside, Varma shared the following chart and added,
Related: Strategy increased its holdings by 430 Bitcoin (BTC) for $51.4 million last week.
Original article: “Bitcoin liquidity zones swept, but uptick in open interest hints at BTC recovery”
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