Bitcoin Hits $103K, 30% of Supply in Loss Signals Bottom
Bitcoin price rebounded to $103,000 on Wednesday but remains below key resistance after dipping under $100,000. Derivatives data show over $1.7 bn in long liquidations in 24 hours, clearing aggressive positions and easing open interest. Order-book metrics from Skew and Exitpump reveal strong positive delta and green depth signals, hinting at a market bottom. Liquidation distribution maps highlight liquidity clusters at $102.5K, $111.5K, $116K and $117.5K where whales have targeted short-covering flows. On-chain data from CryptoQuant confirm nearly 30% of Bitcoin supply is in unrealized loss, a level historically linked to cycle lows. With spot open interest down and most longs cleared, traders will watch whale activity and sustained demand to gauge the next move.
Bullish
The report highlights a Bitcoin rebound to $103K after heavy long liquidations removed aggressive positions and eased open interest. Strong positive order-book delta and green depth signals point to a market bottom. On-chain data showing 30% of supply in unrealized loss further reduces seller pressure and historically aligns with cycle lows. Whale activity around key liquidity zones could drive renewed demand. In the short term, reduced leverage and concentrated buy orders may stabilize price, while in the long term the low unrealized profit ratio suggests a foundation for sustained bullish momentum.