- Bitcoin has recovered $ 109k, the highest wick in 20 days, which activated renewed FOMO.
- Is BTC set up for another sharp rejection, or a breakout-driven short squeeze?
Bitcoin’s [BTC] 2.93% increase on July 2 may seem modest, but it closed the day at $ 109,792 – the highest wick in the past 20 days. Consequently, the movement caused a classic bullish signal: FOMO.
Published data on chains it appears that 25,812 New addresses appeared in one day, interaction with the network for the first time. That is a day-over-day jump of 8.17%, which marks a new monthly high.
This momentum can be an important catalyst.
Since BTC is approaching a large overhang of the stock, opportunistic shorts start circling.
If the conviction applies, it could pave the way for an even deeper bean trap – one that could launch BTC directly into the $ 115k liquidation zone.
Bitcoin presses resistance
The price promotion of Bitcoin is starting to feel familiar, almost too familiar. After he finished at $ 111K, BTC now makes his second point at that level in just over a month, and looks at a potential outbreak of price discovery.
In the first test, BTC was hardly rejected at $ 110.350, which activated a rapid drawing of 10.8% for two weeks. Now, with 67% of the Binance accounts Schewed ShortIt seems that late positioned bears gamble on a similar result.
Open interest is now approaching $ 78 billion.
Coincidentally, it is the same increased level that precedes the last cascade of liquidations when a liquidity of $ 10 billion comes on the market, meNensifying BTCs 10.8% slide.
Source: Coinglass
In the meantime, the Taker Buy/Sell Ratio drop 3.71%, a clear sign that aggressive buying cools, just like BTC Historical Resistance Hertest.
With signals on the chain that reflect last month’s setup, shorts seem to be tactically loaded for another leg.
In that case, Bitcoin’s $ 109k recovered is a repeat set-up for a new Double figure abnormality, or the perfect pressure point for a violent upward squeeze?
Can bulls turn around this time?
Historically, a combination of FOMO-driven intake and long-term conviction is needed to crack great resistance in the price action of Bitcoin. In fact, that mix may be again.
Activity at the chain shows a peak of 8% in new address creation, in addition to $ 407 million in BTC ETF intake And an increasing share in STHS’s supply, pointing to fresh capital and renewed optimism that enters the market.
But under the surface the foundation looks even stronger.
According to Glassnode, long -term holders (investors who have had BTC have had more than 155 days) now have a record of 14.7 million coins. What is striking is that the majority of the Bitcoin that was purchased during the $ 100k breakout has not been moved.
Source: Glassnode
Together, this lack of distribution at local highlights is compressing the available delivery in stronger hands, while the retailing capital starts to reverse. The setup points to a classic liquidity nug.
That $ 115k level? It is on top of almost $ 6 billion brief exposure. If the current dynamic retains, Bulls can use this liquidity cluster as fuel for the next breakout bone.