Bitcoin, the first and largest cryptocurrency by market cap, reached a record high of $124,533 on Thursday before retreating as the market fell, owing to profit taking and macroeconomic concerns.
In the last 24 hours, $342 million have been liquidated across various digital assets, as the crypto market extended its drop early Friday.
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As the market trades lower, Bitcoin's key indicators are signaling caution, at least in the short term.
According to Glassnode, Deribit's Bitcoin DVOL indicator has reached near-historic lows, with only 2.6% of days marking lower levels. This paints a scenario of extreme complacency, in which low demand for downside protection may increase the risk of sudden volatility shocks.
Deribit’s #Bitcoin DVOL index is near historic lows, with only 2.6% of days showing lower values. This signals extreme complacency, where limited demand for downside protection may raise the risk of sudden volatility shocks. pic.twitter.com/s4Jon4yJWD
— glassnode (@glassnode) August 15, 2025
Likewise, the implied volatility ratio for Bitcoin remains higher, with only 3.2% of days seeing higher values, indicating that traders might be pricing in uncertainty in the medium term.
Key levels to watch
Around press time, BTC was trading at $117,927 according to CoinGlass.
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Utilizing Bitcoin's average entry price for new investors, as well as standard deviation bands, can help identify overheated zones. If this is taken into consideration, $127,000 marks the +1σ level and major resistance, with a breakout paving the way for a rise to $144,000 (+2σ), where prior market tops have often seen increased sell-side pressure.
On the other hand, the Short-Term Holder SOPR, a metric that tracks whether newer investors sold at a profit or loss, briefly dropped below neutral levels but quickly recovered and is currently around $112,000.
