Cautious Outlook for Bitcoin: Potential Risks Around $105,000 Amid Elevated Market Volatility

Key Points

1. Bitcoin's current price is $112,000, with resistance at $117,000 and significant risks emerging at the $105,000 level.

2. Onchain metrics like the UTXO Cost Basis Histogram show high accumulation at $105,644, and short-term holders' realized prices are around $105,350, marking it as a critical risk zone.

3. Elevated open interest (OI) at $79 billion indicates market fragility, especially during corrections from Bitcoin's $123,000 all-time high.

4. The Fear & Greed Index reset to Neutral, but high open interest and futures market bearishness (-5.2%) suggest potential downside momentum.

5. Analysts highlight the $105,000 level as a key area to watch for potential volatility and structural liquidations.