Analysts are focusing on key levels and trends in the Bitcoin market, examining potential outlooks and risks.
Key Breakout Level for Bitcoin
Currently, Bitcoin is trading at $116,560, reflecting a 1.33% increase over the last 24 hours and a 1.63% rise over the week. Analyst Lennaert Snyder identifies the $118,000 level as critical for a potential new all-time high. Failure to reclaim this level may signal downside risks.
Demand and Accumulation Trends
Bitwise reports institutional purchases of 545,579 BTC year-to-date against 97,082 BTC in new supply. Bloomberg and Glassnode confirm years of demand exceeding issuance, reinforcing accumulation strength. Glassnode indicates that wallets holding less than 100 BTC are adding over 17,000 BTC monthly, surpassing the 13,850 BTC supplied.
Market Positioning and Liquidation Risks
According to Glassnode, perpetual funding rates have dropped below 0.1%, indicating cooling in leveraged long positions and a reduced speculative appetite. Coinvo's liquidation map indicates significant short liquidation risks above $125,000, totaling nearly $20 billion.
The analysis indicates Bitcoin is at an important juncture, with the $118,000 level being critical for potential growth. Meanwhile, accumulation from both institutional and retail investors may drive increases, though there are also risks of liquidation.
