Bitcoin Stays Near $107K as Institutional Buyers Meet Legacy Sellers
Bitcoin’s price is stuck near $107,000. it’s been a bumpy week, but the coin hasn’t moved much. Long-term holders are selling to institutions, which keeps the price from going up.
Right now, Bitcoin is at $107,619, down 2.8% from yesterday. It’s been between $107,623 and $111,555. This week, it’s down 5%, and this month, it’s down 7%. bitcoin is 14% below its all-time high of $126,080.
Trading is a bit busier. There’s been $60.7 billion in volume in the last day, up 11.4% from before. But open interest is down 2.3% to $70.12 billion. Derivatives volume is also down 19% to $102.37 billion. This shows traders are being careful.
A report by 10x Research says two things are holding Bitcoin back. First, treasury firms are buying less Bitcoin. Also, long-term holders are selling to ETFs. This keeps the price in a tight range near $110,000.
Technical analysis shows traders are being careful.
Technical signs show a neutral-to-bearish setup. The relative strength index is at 40, not oversold. Both momentum and MACD indicators suggest a mild downside. Major moving averages are above the current price, pointing to a bearish trend. Support is near $107,000,and resistance is between $112,000 and $115,000.
Bitcoin could drop to $102,000 if it can’t hold its range. But a strong move above $115,000 could push it to $120,000 and higher.
