Bitcoin Price Remains Shy of $104K Despite Surpassing Psychological Barrier of $100K
As Bitcoin ($BTC) is maintaining its position above the psychological barrier of $100K, it shows a positive momentum building around it. Simultaneously, it has witnessed a surge in short positions, pointing out that traders are placing bets against the key crypto asset’s short-term rise.
The market is currently going through a moody state as the hesitation toward long positions signifies a surge in caution among crypto traders who are anticipating a huge pullback. In the meantime, the on-chain data also indicates a hike in institutional demand for Bitcoin ($BTC). Specifically, the Bitcoin ($BTC) ETFs are getting notable inflows.
This growing institutional demand and declining liquidity in over-the-counter markets and exchanges like Coinbase could lead to a supply squeeze, in the case the $BTC bulls clear the $104K spot. Nevertheless, at present, Bitcoin ($BTC) appears to be locked in a narrow consolidation range between $101K as well as $105K.
Whales Show Consistent Confidence Although Top Crypto Asset Stays within $101K-$105K Range
Based on the latest crypto market data, the whales are steadily holding onto their $BTC positions, showing a great confidence in long-term potential. In this respect, they likely have high-yield expectations.
Apart from that, a noteworthy surge to $104.533K has again raised confidence in a potentially upcoming Bitcoin price action. Hence, at the moment, the market onlookers are keenly watching for the likely signs of a massive price spike.
