Bitcoin is trading around 111,000 USD, testing the important support area of 107,000–108,900 USD; if it breaks, it may continue to drop to 93,000–95,000 USD.
Glassnode data shows that the current rebound is only about 11.4%, pressure on short-term investors is increasing, while neutral spot trading demand and the perpetual swap market trend is pessimistic but still fragile.
MAIN CONTENT
Current price is ~111,000 USD, support area is 107,000–108,900 USD, a break leads to 93,000–95,000 USD.
Rebound ~11.4%, significantly lower than 25%–75% of historical down cycles.
Neutral spot demand, pessimistic but fragile perpetual market, funding rate ~0.01% indicates unclear sentiment.
What is the current trading level of Bitcoin and what is the important support area?
Short answer: Glassnode data shows Bitcoin price around 111,000 USD, testing support at 107,000–108,900 USD.
Analysis: The 107,000–108,900 USD range acts as a short-term technical support level. If this bottom holds, the chance of recovery remains; if it breaks, it may trigger a wave of additional selling from short-term investors under pressure.
If Bitcoin breaks the support level, how much could the next drop be?
Short answer: A single breakout could push the price down to the 93,000–95,000 USD range according to the current analysis.
Analysis: The target drop level of 93,000–95,000 USD reflects the next support range as buying power dwindles. This scenario often accompanies the liquidation of leveraged positions and increases in short-term volatility, raising risks for short-term investors.
What is the current market sentiment and cash flow?
Short answer: Spot demand is neutral, while the perpetual swap market appears pessimistic but fragile; the funding rate remains around 0.01%.
Analysis: A low funding rate around 0.01% indicates no significant pressure from long or short leveraged positions. A pessimistic but fragile perpetual market means that a news shock could quickly reverse, while spot cash flow has not shown significant buying trends.
How does the current rebound compare to historical down cycles?
Short answer: The current rebound is about 11.4%, significantly lower than the 25%–75% typically seen in historical down cycles.
Analysis: A small rebound of ~11.4% indicates that the current correction phase has not achieved the typical recovery scale among cycle bottoms. This could imply that the market is in a demand testing phase rather than a sustainable recovery.
Frequently asked questions
Can Bitcoin recover quickly if it holds the support area?
If the 107,000–108,900 USD range holds, the chance of short-term recovery increases, but strength requires spot cash flow and a stable funding rate to confirm the trend.
Why is an 11.4% rebound important?
The level of 11.4% indicates that the current rebound is significantly smaller than the historical standard of 25%–75%, implying unclear recovery trends and high reversal risks.
What does a funding rate around 0.01% indicate?
Funding rate ~0.01% indicates a relatively balanced position between long and short leverage; the market has no overwhelming positions, thus sentiment remains undecided.
Source: https://tintucbitcoin.com/glassnode-ho-tro-btc-107k-108-9k-thung-93k-95k/
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