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Bitcoin’s price is still struggling to regain its upward momentum following the establishment of a new all-time high above $111,000 last week. Today, Bitcoin trades below $106,000 with a current trading price of $105,381, marking a 1.2% increase in the past day and a 5.8% decrease from its peak.
The current movement suggests a cooling-off period as traders and analysts monitor for potential market reentry points. Despite the price retreat, the mood across the market remains relatively stable, with the Crypto Fear & Greed Index still hovering in the neutral zone.
This suggests that the market is yet to enter the euphoric stage typically associated with aggressive buying sprees. While the immediate trend appears sideways, analysts are beginning to highlight certain technical and on-chain signals that may shape Bitcoin’s short-term trajectory.
Bitcoin Short-Term Investors Watch $96.7K as Critical Support
A recent assessment by an on-chain contributor to CryptoQuant’s QuickTake platform, known as abramchart, identifies $96,700 as a crucial level of interest.
This figure aligns with the average acquisition price for short-term holders, making it a potential rebound zone if Bitcoin experiences a further dip. According to the analyst, this support may serve as a trigger point for renewed buying interest should a correction continue to unfold.
Additionally, rising Bitcoin dominance is placing pressure on alternative cryptocurrencies, including Ethereum. The analyst notes that corrections in Bitcoin often redirect capital away from altcoins, potentially weakening their short-term performance.
In this context, the broader crypto market may experience liquidity fragmentation until Bitcoin reestablishes directional clarity. Abrahchart wrote:
If liquidity is available, it is advisable to wait and observe market movements, with the possibility of entering new positions after the anticipated correction completes.
Accumulation Activity Suggests Institutional Involvement
In a separate insight shared on CryptoQuant, another analyst, Mignolet, highlights a notable relationship between movements in Bitfinex’s Bitcoin reserves and price action.
Historically, declining reserves on Bitfinex have often preceded upward trends in Bitcoin’s price, suggesting these outflows may signal increased accumulation.
On the latest occasion, around 24,000 BTC were transferred to two wallets, one of which has been officially identified by Bitfinex and Tether CEO Paolo Ardoino as belonging to 21 Capital (XXI), a Tether-backed entity.
The second wallet involved in receiving 14,000 BTC was not formally disclosed, but timing and transaction behavior suggest a similar purpose. Unlike earlier transactions often linked to cold storage adjustments, these movements appear to reflect strategic acquisitions.
This level of accumulation, particularly by a known Tether-affiliated entity, adds another dimension to Bitcoin’s current price narrative. As institutional players position themselves, retail participants may find additional confirmation of long-term interest in the asset despite short-term fluctuations.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
