Bitcoin currently trades near $112,000, finding resistance at $117,000 while market analysts flag the $105,000 level as a critical risk zone. On-chain data reveals significant price memory near this threshold, with the UTXO Cost Basis Histogram indicating peak accumulation at $105,644. Short-term holders’ realized price further converges to $105,350, establishing the region as a psychological and structural support benchmark.
Record-high open interest lingering at $79 billion compounds market fragility during price retracements, particularly following Bitcoin’s recent all-time high of $123,000. Futures markets display growing bearishness with funding rates depressed at -5.2%, while the Fear & Greed Index’s neutral stance masks underlying volatility risks. Such conditions heighten vulnerability to liquidation cascades during corrections.
Multiple technical indicators now spotlight $105,000 as a decisive pivot level where breach scenarios could trigger accelerated selling pressure. Market structure analysis suggests a break below this threshold may prompt structural liquidations and intensify downside momentum across derivatives markets. Traders and institutions remain watchful for price action around this key value area.