Bitcoin speculators hint at 'local bottom' as buyers target $117.5K
Main Idea
Bitcoin speculators suggest a 'local bottom' for BTC price as exchange inflows and profit-taking activity indicate potential price stabilization around $117,500.
Key Points
1. Onchain analytics platform CryptoQuant identified increased Short-Term Holder (STH) activity on Binance, signaling potential profit-taking.
2. The Binance Exchange Inflow Ratio for STHs crossed 0.4, a level that often coincides with local price bottoms.
3. BTC price action is influenced by large liquidity clusters, with $117,500 emerging as a key bid level on Binance.
4. All-time highs last week led to a surge in trading activity, with Binance capturing 52% of the market share post-peak.
5. CoinGlass data highlights $117,500 as a price 'magnet' due to concentrated bid liquidity in the BTC/USDT perps order book.
Description
Bitcoin profit-taking may be inadvertently revealing the next "local bottom" for BTC price, new analysis suggests.
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