- Will Bitcoin break $ 108k, or has the resistance sealed its fate again?
- If the pressure led by the retail persons persists, BTC could return to $ 100k despite recent Bullish Momentum.
Bitcoin [BTC] Returned from June 23 Low near $ 99.7K, but Bullish Momentum weakened after the confronted with rejection at $ 108.8k.
The analysis of Ambcrypto points to a potential reversal, because traders and whales are careful.
BTC is becoming critical resistance – threatens a reversal?
BTC was in the charts trade At a historically heavy resistance level that previously caused sharp recovery.
From June 30, Bitcoin was approaching $ 108.8k but closed lower at $ 107.135, reflected rejection patterns near this zone.
Source: Ali Martinez/TradingView
More worries, the stochastic RSI showed a Bearish Death Cross. The %K -line fell below the %D line while it is still above 80 marking -signification of overbought conditions with weakening momentum.
These Bearish signals, combined with the most important resistance nuisance and the formation of a death cross, increase the chance of a deeper decline.
Binance and OKX traders bet on Bitcoin
A further consideration of derivatives platforms showed a clear bearish pressure.
From June 30, Binance’s long/short account ratio was 0.61, with only 37.97% of the accounts that held long positions.
Source: Coinglass
On OKX, the ratio was even lower at 0.59. These values indicate that shorts outweigh a large margin, which indicates wider trader pessimism.
Binance led volumes to $ 13.05 billion, followed by OKX at $ 6.62 billion. The higher short interest, in combination with rising volumes, contributes to the downward risk.
Whales are out, retailers are in
Open interest and futures average order sizes fell considerably, which signaled reduced whale activity.
Source: Cryptuquant
On June 30, the average order sizes of Futures fell sharply, a sign that whales, which usually trade large volumes, have left their positions.
This means that retail investors are now dominating the market – ranging with the Bearish sentiment seen under Binance and OKX traders.
Source: Cryptuquant
At the same time, the open interest rate fell to $ 34.7 billion, compared to earlier highlights, which confirmed reduced liquidity and participation.
Retail traders seemed to stimulate the market story. If they keep Bearish pressure in futures while whales stay offside, Bitcoin can slip back to the $ 100,000 zone.