Bitcoin is threatened with less than $ 105,000, with increasing pressure

Bitcoin is currently witnessing a gradual recovery towards the level of $ 108,000 backed by a slight recovery in the encrypted currency market in general, but the series data indicates that this upward trend may not last long, in light of the increasing pressure of the metal and currency holders in the long run.

An increasing sale of two metal and long holders

According to the Cryptoquant platform, the “Apparent Demand” index returned to Bitcoin to the negative area, which reflects the imbalance between supply and demand, and the index is currently -36.98 based on the moving average for 30 days, indicating that the amount of Bitcoin offered to exceed what the market can absorb from a new demand.

The percentage of long to short centers confirms the declining orientation

Coinglass platform data indicates that the percentage of long -to -short centers (Long/Short Ratio) for Bitcoin is 0.96, which means that the number of sales centers exceeds purchasing centers, and this indicator represents one of the tools of measuring traders’ expectations where the percentage is less than 1 indicates the control of negative expectations between traders.

The possibility of Bitcoin declining below 105,000 dollars

Bitcoin is currently trading at 108,102 dollars and if buyers are not able to absorb the increasing supply, the currency may decrease below the support level at 107,745 dollars, and it may land to $ 104,709.

But if the demand returns strongly, Bitcoin may witness a bounce towards the resistance level of $ 109,304, with a later attempt to test its highest historical level at 111,917 dollars.