Bitcoin Stays Near $107K as Institutional Buyers Meet Legacy Sellers
BitcoinS price is stuck around $107,000. It’s been a bumpy week,but teh coin hasn’t moved much. Long-term holders are selling too institutions, which keeps the price from going up.
Right now,Bitcoin is at $107,619,down 2.8% from yesterday. It moved between $107,623 and $111,555 this week. This is a 5% drop from last week and a 7% drop from last month. Bitcoin is now 14% below its all-time high of $126,080, set on October 6.
Trading has picked up a bit. Ther was $60.7 billion in volume over the last day, up 11.4% from before. This shows traders are more active at this price. but open interest fell 2.3% to $70.12 billion, and derivatives volume dropped 19% to $102.37 billion. This suggests traders are reducing short-term holdings, showing uncertainty.
A report by 10x Research on October 21 points out two main reasons Bitcoin isn’t growing. First, digital asset treasury firms are buying less Bitcoin. Second,long-term holders are selling to Bitcoin exchange-traded funds. This selling keeps the price in a tight range near $110,000.
Bitcoin’s technical indicators show a neutral-to-bearish setup. The relative strength index is at 40, not oversold. The momentum and MACD indicators still suggest selling. Major moving averages are above the current price, pointing to a bearish trend. Resistance is between $112,000 and $115,000, with support near $107,000.
Bitcoin could fall to $102,000 if it can’t hold its current range. But a strong move above $115,000 could push it to $120,000 and higher.
