OKX - World's Leading Digital Asset Platform for Secure Bitcoin & Ethereum Trading. Download Official APP for Professional Market Analysis & Trading Tools.
Download for Android Download for IOS
Bitcoin's value declined 2.7% to $105,150 within 24 hours, marking its steepest single-day drop since May 15. The retreat comes just days after the cryptocurrency touched its $111,000 peak, with trading volume spiking 20% to $60 billion — a clear indicator of mounting sell pressure.
【$358.65 million】 hemorrhaged from spot Bitcoin ETFs on May 29, snapping a 10-day inflow streak that had buoyed prices. CryptoQuant analysts note whale wallets grew just 2.8% this month — half December 2024's growth rate when BTC last peaked. ——This slowdown in institutional accumulation often precedes price corrections——, according to historical patterns.
The derivatives market mirrored this sentiment, with【$211 million】in long positions liquidated versus merely $10.8 million in shorts. Overleveraged traders faced particular pain during Asian trading hours, accounting for 54% of total crypto liquidations.
A bearish RSI divergence emerged as Bitcoin's price charted higher highs while momentum indicators slid from 76 to 54. Market technician Willy Woo observed similar signals on weekly charts, cautioning that ——failure to rebound within 48 hours could trigger deeper losses——.
Current resistance looms between $106,000-$111,000, where previous buyers now become sellers seeking breakeven exits. Interestingly, this aligns with Fibonacci retracement levels from the 2024 bull run, creating compounded technical pressure.
While not explicitly mentioned in trading circles, the dip coincides with renewed US-China trade tensions. Crypto markets have shown 83% correlation with tech stocks this quarter, making them vulnerable to traditional risk-off sentiment.
Analysts remain divided on whether this represents a healthy consolidation or trend reversal. Some point to Bitcoin's 30-day demand growth hitting 229,000 BTC — dangerously close to the 279,000 BTC peak preceding December's 18% correction.
As trading desks adjust positions, all eyes remain on the $103,500 support level. A decisive break below could confirm the start of a broader pullback, while holding above may set the stage for another assault on record highs.