Data from the key metric shows a dense cost-basis cluster between the $93,000 and $109,000 price range, which is forming a substantial overhead supply zone. The supply zone serves as a technical and psychological barrier where a large number of holders may be waiting to take profits or quit at breakeven, resulting in concentrated resistance.
BTC Market Is Displaying Deleveraging Signals Looking at Bitcoin’s current action from an on-chain perspective, the flagship asset is starting to show signs of deleveraging. This deleveraging indicates that excess speculation is being removed from the market after a period of high leverage and aggressive positioning.
At the time of writing, the Bitcoin price was trading at $96,247, demonstrating a 1.29% increase in the last 24 hours. Data from CoinMarketCap shows that trading volume is down despite the bullish price action, dropping by more than 3% in the past day.
