Bitcoin speculators hint at 'local bottom' as buyers target $117.5K

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.