Bitcoin (BTC) continues to trade within a narrow price range, showing limited upward movement over the past week. At the time of writing, the leading cryptocurrency is priced around $117,719, representing a 1% decline in the past 24 hours and a 4.2% drop from its recent all-time high above $123,000.
Amid this price performance, a recent analyse shared on CryptoQuant’s QuickTake platform by contributor BorisVest sheds light on possible underlying market dynamics influencing Bitcoin’s current state.
According to the analyst, data from Binance futures suggests that despite muted volatility, certain trading patterns could be shaping BTC’s near-term direction.
These observations have prompted discussions about whether market makers are deliberately maintaining a controlled range before a significant price move occurs.
Binance Data Suggests Strategic Positioning
BorisVest highlighted that Open Interest on Binance has remained steady between $13 billion and $14 billion over the past 20 days. This stability indicates that while new positions are not rapidly increasing, existing trades are being actively maintained.
“Such behavior in a range environment often signals silent accumulation or strategic stalling,” the analyst wrote, suggesting that larger players may be carefully managing exposure during this consolidation phase.
The Taker Buy/Sell Ratio, currently at 0.9, points to increased selling pressure from market takers. However, Bitcoin’s price has not experienced a sharp decline despite this activity, indicating that passive buyers are absorbing the sell orders.
BorisVest added that the Funding Rate, hovering around 0.01, reflects a lack of aggressive leverage from either long or short positions. This could mean that institutional or high-volume traders are building positions gradually, avoiding extremes that typically lead to rapid price swings.
Bitcoin Possible Downside Shakeout Before a Breakout
The analysis also examined Cumulative Volume Delta (CVD) data on Binance, which shows persistent selling in futures markets. Yet, despite ongoing sell-side activity, Bitcoin continues to resist significant downward movement. According to BorisVest, this could set the stage for a potential liquidity-driven shakeout.
He suggested that BTC might temporarily dip toward $110,000 to clear out weak long positions and attract additional short interest. This could pave the way for a stronger, more sustainable breakout in the future.
While these metrics do not guarantee an imminent breakout or breakdown, they point to a fragile equilibrium in Bitcoin’s market structure. Historically, prolonged consolidation phases in BTC have often preceded sharp moves in either direction.
Featured image created with DALL-E, Chart from TradingView
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