Bitcoin (BTC) continues to show signs of weakness after recently setting a new all-time high earlier this month. As of today, the cryptocurrency is trading at $110,595, reflecting a 4.2% decline over the past week and an 11% drop from its peak of $124,000.
The correction highlights an ongoing struggle for momentum even as broader market conditions remain uncertain. This decline has drawn the attention of analysts examining key on-chain and trading metrics.
The ratio tracks the balance between aggressive buy and sell orders at market prices. A value above 1 reflects stronger buying pressure, while a reading below 1 indicates more active selling.
Gaah argued that such behavior often signals caution among investors who may be locking in profits or reducing exposure to manage risk.
The current data, Gaah added, indicates that although Bitcoin remains in a broader bullish phase, the imbalance between buyers and sellers could introduce heightened volatility in the weeks ahead.
Nova pointed to the $50,000–$70,000 range from earlier in the cycle as an example of a level many believed to mark the top, but which ultimately gave way to further gains.
The analyst noted that the same uncertainty applies to today’s market, where corrections do not necessarily confirm a cycle peak. “At the very least, BTC should see a bounce from current levels,” Nova said, while also acknowledging that resistance remains strong at higher price zones.
Bounce time for Bitcoin?
At the very least BTC should bounce here as it’s reaching the zones earlier highlighted.
The combination of weakening taker ratios and cautious technical outlooks suggests that Bitcoin’s trajectory may be entering a decisive phase. If selling pressure persists, the asset could face deeper corrections, but sustained support near $110,000 may also provide the base for renewed momentum.
Featured image created with DALL-E, Chart from TradingView
