- Over 1.68M addresses support BTC near the $104K–$108K zone
- Futures market shows 4x more volume than spot, signaling high speculation
- $116K breakout could unlock fast move toward $165K target
Bitcoin has been trading in a tight range, with technical and on-chain indicators pointing out the asset’s critical decision zone. The price is trading at around $108,000 with high buying interest between the $104,000 and $108,000 levels. Analysts are keenly observing a breakout or breakdown from this critical zone.
Source: CoinGecko
According to data, approximately 1.68 million addresses have accumulated BTC at current prices, which means that the previous buyers are confident. If Bitcoin does not hold this price, the next area of strength could be found at the $98,000 region, which is protected by 1.7 million addresses. These levels have become the basis of possible bullish continuation and further correction.
Source: X
Analyst Ali states that the critical on-chain support levels were at $106,738 and $98,566, according to the activity of wallet clusters. These thresholds indicate areas of high accumulation, indicating high interest by investors. A failure to hold above these may invalidate recent bullish formations and promote short-term liquidation.
Binance Futures To Spot Volume Sparks Speculation
According to Darkfrost, the futures market continues to show rising speculative dominance. The futures volume has surpassed spot volume on Binance in a ratio of 4 to 1. This indicates that traders prefer leverage, which could cause short-term volatility in the market.
Source: X
The spot demand is low, and most of the current movement is caused by speculative behavior, which leads to unstable price fluctuations. The absence of robust spot buying undermines sustainable upward momentum. This trend can continue until there is an increase in institutional spot accumulation in the next few days.
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$116,652 Resistance Blocks Bitcoin Surge to $165,745
Javon Marks is bullish and thinks that Bitcoin might hit $165,745, provided it surpasses $116,652 in the short-term. His forecasts are in line with the current breakout trends on higher timeframes. The target, however, is all dependent on the price breaking and closing above $116,000.
Daan Crypto notes that Bitcoin has not been able to surpass its all-time high in more than seven weeks. His chart indicates multiple rejections at major horizontal resistance lines. He believes that the continued consolidation amid resistance may cause an explosive breakout or trap traders in a false rally.
According to Daan, a sound weekly close above the resistance trendline is required to confirm further upside. Until then, the performance of altcoins can be behind because of the Bitcoin dominance. A breakout failure may also lead to a wider market weakness and reignite the downside pressure.
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