Bitcoin hit $108,300 in the past 24 hours before correcting. According to Whalemap, “Over 150,000 BTC were purchased by whales at $98,133.” This is seen as a strong support zone if Bitcoin continues to decline.
The recent correction has reduced the previous record open interest from over $70 billion to below. Data from CoinGlass shows that about $1.3 billion worth of positions were liquidated.
Analyst Josh Rager reassured:
“Don’t worry too much about every correction in the crypto market, whether it’s Bitcoin, Ethereum, Solana, or meme coins. Corrections are normal and necessary. The market will recover strongly in the next 3 to 6 months. The summer of 2025 is a great time to accumulate assets.”
While many optimists expect Bitcoin to soon hit $120,000, analyst Rekt Capital warns of a deeper correction.
“This is Week 7,” he said, referring to Bitcoin’s bull run since breaking its all-time high.
“In 2013, Bitcoin fell in Week 7 of price discovery. In 2017, Bitcoin fell -34% in Week 8. In 2021, Bitcoin fell -16% in Week 6,” the Rekt Capital analyst shared.
He also emphasized that the timing of Bitcoin’s pullback is not the deciding factor:
“It’s more important to be ready when it happens, because once the correction happens, it can wipe out weeks of gains.”
Data from Glassnode shows that Bitcoin’s recent all-time high has sparked increased trader activity. Trading volume has been steadily declining over the past week before spiking to $82.84 billion.
Read more: Whales Take Profits as 5.8 Billion Dogecoin Reactivates
However, despite the surge in volume, market sentiment remains cautious. Traders are skeptical that Bitcoin can break above $107,000, as shown by the long/short ratio.
Data from Coinglass shows that Bitcoin’s long/short ratio has dropped to 0.58. Short positions account for 63.48% of total open interest, while long positions account for just 36.52%. This stark difference suggests that the majority of traders are preparing for a short-term Bitcoin price correction.
