#OnChainInsigths $BTC

Looking at the BTC/USDT 1-day chart, it appears that the market is going through a sharp correction. Initially, BTC reached a high of $109,588, but then selling pressure pushed the price downward. The price dropped after touching the upper Bollinger Band ($103,020), indicating an overbought condition.

The market fell as low as $78,258, which acted as a strong support level. After that, BTC bounced back and is currently trading at $83,590. The trading volume is high, indicating heavy selling and buying activity. The short-term direction will depend on whether the price breaks the $81,500 support or holds above it.