Bitcoin (BTC) is currently testing significant support levels clustered between $110,000 and $119,000, indicating a potential attempt to form a market bottom. This price action occurs amidst concerns over weak buy-side commitment that could jeopardize sustainable bullish momentum.
Analysts note that the recent decline has generated a liquidity cluster specifically around $114,500. Historically, such clusters representing significant buy orders can act as springboards for upward momentum, provided the support holds firmly.
However, current market depth signals caution. Data from Binance Spot reveals a notably weak Bid-Ask Ratio of -0.208 for BTC, significantly lower than the 24-hour average of -0.27. This metric, often referred to as the 10% Bid-Ask Ratio (measuring buy vs sell liquidity within 10% of the current price), suggests a clear lack of strong buying interest at current levels compared to selling pressure.
This cautious sentiment is further reflected in the trading volume supporting the current price consolidation. While Bitcoin has previously established higher lows—for instance, bases near $77,000 and the $105,000-$109,000 range which preceded rallies—the present base-building phase lacks the robust buy-side volume witnessed during those earlier consolidations.
Market observers suggest that a potential sweep of the $114,500 liquidity level could solidify this zone as support by gathering liquidity below the market. Nevertheless, the prevailing weakness in buyer participation, as highlighted by the Bid-Ask Ratio and volume data, raises the risk that any ensuing upward price movements might lack the conviction and sustainability needed for a robust breakout.