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Profits soar, profit-taking pressure increases
Bitcoin is currently in a period of low volatility but still maintains a stable price range around $105,000 .
However, the series data shows that open interest has exceeded +2 standard deviations (SD) — a warning sign of excessive euphoria.
In the past, every time this index rose this high, the market often witnessed a short-term rally, followed by a sharp correction .
Notably, actual profits recorded an increase of more than 500 million USD/hour in the past 48 hours , showing that many investors have started to take profits , preparing for a correction.
BTC price is in a tug of war
At the moment, Bitcoin is trading around $105,435 , holding steady above the $105,000 support level .
However, BTC still faced resistance at $106,265 . The RSI (relative strength index) is still above 50 , indicating that the uptrend has not been broken.
If this resistance is overcome, Bitcoin could move closer to the $108,000 region . But this will only happen if market sentiment continues to be positive .
Bad scenario: deep correction if support level is lost
In case investor sentiment turns negative and selling pressure continues to increase , Bitcoin could completely lose the $105,000 support level .
If this happens, the price could plunge to the $102,734 area or lower , breaking the current bullish structure .
At that point, the short-term uptrend will be negated, giving way to a stronger correction in the market.