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Bitcoin was confronted this week with an intense sales pressure, with more than 40,000 BTC fairs and old portfolios that reactivate. Nevertheless, BTC was held higher than $ 110,000, supported by rising open interest (especially on Bybit) and neutral financing percentages that indicate a balanced, if tense, market.
Bitcoin [BTC] I have just taken a blow – more than 40,000 BTC has landed at fairs this week
Nevertheless, BTC remained above $ 110,000, compared to its recent peak near $ 123,471.
What prevents the market from breaking? First, whale and OTC agencies remain active. Here is a further consideration of what the pressure and support drives!
Financing percentages Flatline because Bitcoin is higher than $ 110k
Despite a wave of sales pressure and large spot entry flows to exchanges, Bitcoin financing rates in large derivatives changes such as OKX, Binance and Bybit have remaining flat to slightly positive.
Source: Cryptuquant
This suggests a break in excessive leverage and reflects a more balanced market. Liquidation data support this – there is few signs of forced sales.
Combined, these indicators point to a market in consolidation mode, possibly prepare for the next leg as soon as the summer silence breaks.
Bybit open interest rises if price drops
Source: Alfractaal