![\"Bitcoin](\"https:\/\/i0.wp.com\/img.cryptoquant.com\/4739\/quicktake\/0FyhFN_f29e0f161c604d05448ec1b8ae5e55a83c9e595b34994d2973ac2db03bfecd86.png?resize=1280%2C720&ssl=1\")
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This measure, which captures the amount of leverage being used on exchanges, reflects heightened activity<\/a> that could precede significant price moves. Interestingly, while Binance has seen its leverage ratio drop back to levels last seen during last year\u2019s consolidation phase, Bitfinex tells a different story.<\/p>\n On Bitfinex, leverage ratios have surged sharply, aligning with a rise in open interest. Mignolet highlights that this activity points to a sudden increase in whale movements within the ongoing consolidation range.<\/p>\n While these leverage ratios alone don\u2019t guarantee a specific price direction, the sharp uptick on Bitfinex suggests a shift in market dynamics<\/a> that bears watching.<\/p>\n According to the CryptoQuant analyst, the question now is: What are these whales aiming for? Mignolet\u2019s analysis stops short of providing a definitive answer, but it raises the possibility of a major price shift soon.<\/p>\n With Bitcoin\u2019s price holding steady above $98,000, the actions of these large-scale traders could influence whether the market breaks higher or retreats back<\/a> into a more extended consolidation phase.<\/p>\n Meanwhile, Bitcoin has continued to inch closer to the six-digit price mark which it recently fell below in the previous week. Although the asset is still roughly an 8.7% decrease away from its all-time high (ATH) above $109,000 established in January, it has managed to see an uptick in price in the past few days.<\/p>\n At the time of writing, Bitcoin trades at $98,091 marking a 1.2% increase in price over the past day. According to dane<\/a> from IntoTheBlock, the asset appears to be seeing a formation<\/a> of a \u201cmassive demand zone just below the current price.\u201d<\/p>\n IntoTheBlock highlighted that should the market face further downward pressure around this area, the zone may act as strong support.<\/p>\n A massive demand zone has formed just below the current price On-chain data indicates that 2.76 million addresses acquired a total of 2.1 million $BTC<\/a> at an average price of 97.1k, highlighting significant buying interest at this level.<\/p>\n If the market faces further downward\u2026 pic.twitter.com\/ANm1kkXMtE<\/a><\/p>\nBitcoin Encounters Potential Strong Support Zone<\/h2>\n
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