After reaching $98,000, the bulls seem to have run out of steam as BTC/USD is approaching a 2% daily loss. Long positions appear to be unloading/taking profits here. Further confirming that $97.7K – $98K is a key level that buyers should retrace. This usually means that the market is not very confident in the price at the moment until further strength is shown. Another bottom is still likely. “After that, a final bottom could lead to a new test of $100,000,” their latest post states in part.
BTC/USDT order book liquidity on Binance.

Despite the short-term weakness, trading resource Material Indicators revealed interest from buyers with small trading volumes during the day. FireCharts binned CVD shows that the two smallest order classes are dominated by TWAP bots, which have bought over $100M in $BTC on Binance in the last 10 hours,” they confirmed along with a screenshot of Binance’s order book, citing one of their own trading tools. “These are not retail traders.” The follow-up commentary also maintained belief in the strength of Bitcoin’s bullish trend after two major liquidations.
Despite significant liquidation of leveraged positions, Raphael Schulze-Kraft, co-founder of GlassNode, indicated that Bitcoin remains in “good shape” above $88,000. He explained that $96,000 remains a key level for Bitcoin, as the $96,000-$98,000 range has been the dominant area of interest for investors. However, Schulze-Kraft added:
“However, what is striking is the large gap in accumulated supply below $88,000. There is minimal support in this range, with the next major accumulation zone only visible at $70,000 and below.”
Bitcoin investors’ price range dominance.

Similarly, Bitcoin researcher Axel Adler Jr. highlighted that the realized capitalization of new investors holding BTC has grown from $48 billion to $343 billion since the beginning of the cycle. This means that selling pressure from long-term holders has been consistently absorbed by new entrants on a regular basis.
Analysis of Bitcoin Investor Behavior

Similarly, Dan Crypto, an independent crypto trader, said that “so far, everything looks good” for Bitcoin. The analyst expects a sideways move to cover liquidity at the peak formed between $94,000-$92,000, and stated: “The leverage has been cleared, we will probably see them outperform again once the market stabilizes a bit and $BTC starts to move back up.”
Bitcoin futures market metrics.
With key futures market metrics such as aggregate open interest, funding rate, and spot trading volume undergoing a process of deleveraging or readjustment, the likelihood of a massive crash is currently minimal as long as BTC maintains its daily position above $90,000. If BTC falls to $90,000, it would be a 13.5% decline from BTC’s recent record high of $104,600, which is an acceptable price reaction that does not trigger a strong trend reversal.
If Bitcoin were to rally 2.41% above the $99,000 level, about $1.53 billion in short positions would be at risk of liquidation. “There’s a lot of liquidity piling up on the upside for Bitcoin,” CryptoSea co-founder Dean de Rover said in a Dec. 10 post on X. “We all know what’s coming next,” he added.
If Bitcoin breaks above $99,000, about $1.53 billion in short positions will be at risk of liquidation.

“Every up and down seems to bring us closer to widening the market gap,” Hartman said.
Pseudo crypto trader Dean Crypto Trades said in a Dec. 10 post on X that Bitcoin “typically moves 30-50% after a breakout of a long consolidation in this cycle.” “If last year was anything to go by this time, the next consolidation period should be shorter, followed by another rally in the first quarter,” Dean Crypto Trades said. Syncracy Capital co-founder Daniel Chung recently said that traders have shifted to a “short-term” trading mindset during this cycle. Crypto analytics firm Santiment pointed out that if retailers “react with fear” and quickly get rid of their cryptocurrencies, it could trigger an aggressive recovery.
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