Bitcoin stabilizes at $114K – Yet ONE key metric warrants caution!
Key Takeaways
BTC’s next long liquidation zone is around 113.2K–113.4K, but the 10% bid-ask still isn’t showing strong buy-side interest. Has BTC really bottomed yet?
Bitcoin [BTC] ended July with a 4.26% red weekly candle, marking its first notable corrective move in weeks. Historically, similar weekly drawdowns have acted as re-accumulation phases.
History repeats or at least rhymes below $120K
Since Q2, BTC has consistently printed higher lows.
The first was after a 5% weekly decline that established a structural base around $77K, catalyzing a five-week rally to $109K.
The second base formed in the $105k-$109k demand zone, fueling the breakout to the $123K all-time high. Both setups featured roughly four weeks of consolidation before upside expansion.
Source: TradingView (BTC/USDT)
Now, with a fresh weekly dip locked in and BTC printing its fourth weekly candle post-ATH, it looks like it’s setting up again.
If past structure repeats, BTC could be building its third base in the $110K-$119K range.
What’s more, there’s already a solid yellow liquidity cluster building around $114.5K, stacking nearly $24 million in short-side liquidity. A sweep of this level could reinforce the structural support beneath BTC’s price.
However, without a shift toward bid-side dominance, the move risks lacking follow-through.
Bulls need to establish clear on-chain accumulation beneath this zone to validate a breakout setup.
BTC orderbook signals weak buy-side commitment
Bitcoin’s 10% Bid-Ask Ratio on Binance Spot was leaning toward the ask side, at press time, showing sellers have the upper hand.
On the red histogram (left), the ratio was at -0.208, slightly better than the 24-hour average of -0.27, but still showing weak buyer interest.
The purple histogram (right) tells the same story, with the value at 0.044, lower than the 24-hour average of 0.066. Most of the activity is below the neutral line, meaning sellers are still in control for now.
Source: Hyblock Capital
What’s different this time is the volume.
BTC’s weekly chart shows red volume bars stacking up, while green bars are way below the peaks we saw during the last two base-building phases. That’s a clear sign the bulls haven’t fully stepped in yet.
All in all, Bitcoin is probing for a base, but ask-side pressure and muted volume point to weak accumulation. Unless stronger bids start coming in, any push higher remains at risk of getting faded.