BTC wallets holding more than 10k coins are moving to net distribution

Bitcoin (BTC) Price Analysis: Bitcoin price today is down 0.40% at $109,222.37, but still holding a 3.37% gain over the past week.

The greater than 10k BTC cohort (the market’s largest players) have moved into a net distribution zone with a score around 0.3, reveals recent insights from Glassnode. This is a crucial shift, as earlier in the year, these whales were leading the accumulation during price rallies.

Other cohorts like the 1k to 10k holders and the 100 to 1k BTC holders are also slowing down, while wallets under 10 to 100 BTC and sub-1 BTC continue their shopping spree. Further suggesting that leadership is moving downward on the wallet-size curve. This implies that the retail is buying the dip, while whales may be booking profits or analysing an incoming volatility.

Heavy Long Liquidation Zones Hint at Downside Risk

The liquidation map by Kingfisher provides another layer of perspective. With Bitcoin currently priced at $109k, there’s a significant buildup of long liquidation just below the $109k, $108.5k, and $107k mark.

This indicates a potential liquidity grab to the downside that could be in the works, which is driven by leveraged long positions at a risk of being wiped out.

It’s noteworthy that above the present BTC price, short liquidation levels seem to be weak, correlating with the distribution by large holders. This paints a picture where short-term downside volatility is statistically favored. However, such moves often reset leverage and provide stronger bases for continuation.

Bitcoin (BTC) Price Today

Bitcoin price today is down by 0.40% at $109,222.37, still showing a 3.37% gain over the past week. The market cap remains at $2.17 trillion, showing a slight decrease on the day, while the 24-hour trading volume soared to $50.45 billion. The price moved in a range of $107,609.56 to $110,376.88, highlighting the short-term volatility. We can expect a pullback before the next ATH, which could be around $113k.

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FAQs

What is the Bitcoin price today?

The Bitcoin price today is down by a negligible 0.40% to $109,222.37, however, the trading volume increased by 5.77% with an inflow of $50.45 billion.

What are the key levels to watch?

The key levels to observe are $107k–$109k, if BTC dips into this zone, we can anticipate strong reactions due to liquidation-driven volatility.