Bitcoin has demonstrated remarkable resilience, rebounding to the $117,000 price level despite experiencing heightened selling pressure this week comparable to only 12 other weeks within the current bull market cycle.
Analysis from CryptoQuant researcher AXEL indicates the intensity of the recent selling places it within the top 7% historically, marking a significant market correction event. Despite this substantial downward pressure, Bitcoin’s price recovery highlights underlying strength in market fundamentals.
However, the situation remains precarious. Market analysis suggests a drop below $116,000 could trigger roughly $677 million worth of long position liquidations across major centralized exchanges (CEXs), potentially exacerbating downward momentum.