Key takeaways: (Because who has time for the whole story? 😅)
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Bitcoin’s onchain metrics are throwing a party at $105K, but it’s a trap! 🎉⚠️
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Open interest is frothier than a cappuccino, and BTC’s market is like a wobbly Weeble. ☕💃
Bitcoin (BTC) is stuck in a range today, after a quick dip into the $112K-$113K “buy-me-I’m-on-sale” zone. Right now, it’s trying to break free from a descending trendline like a rebel without a cause. Success could mean a rally to Monday’s highs at $115,700-fingers crossed! 🙏✨
But hold your horses, crypto cowboy! Analyst CryptoMe is waving a red flag at the $105K level, calling it a “hidden risk zone.” Apparently, multiple onchain metrics are converging there like it’s the hottest party in town. 🕵️♂️🎊
Using fancy tools like UTXO analysis and realized price models, CryptoMe points out these red flags:
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UTXO Cost Basis Histogram shows a wall at $105,644-basically, everyone bought there and is now sweating. 🧱💦
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1-3 Month Holder realized price is chilling at $106K, because mid-term holders love a good bargain. 🛍️
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Short-Term Holder realized price is at $105,350, proving even the newbies are in deep. 🏊♂️
While this setup screams “short-term doom,” CryptoMe is still bullish long-term. Because, you know, hope springs eternal. 🌱 But a retest at $105K could mean volatility so wild, leveraged traders might need therapy. 💔
Glassnode chimes in, saying BTC is wobbling below $117K. The UTXO Realized Price Distribution (URPD) shows resistance at $117K, where 634,051 BTC UTXOs are hanging out. Below that? A gap down to $108K with barely any support at $113K. It’s like a financial tightrope walk. 🪢
Open Interest: The FOMO Fuel 🚀💥
Hyblock Capital is here to remind us that Bitcoin’s open interest is still at $79 billion-like a party that won’t end. This keeps the market as fragile as a house of cards in a wind tunnel. 🏠💨
Hyblock warns that when OI is this high and the Fear & Greed Index hits “Extreme Greed,” it’s like a ticking time bomb. Remember July 16? BTC dropped from $120K to $112K faster than you can say “liquidation.” Now the index is Neutral, but high OI means uncertainty is the name of the game. 🎲
Bitcoin researcher Axel Adler Jr. adds that futures market bearishness peaked at -7.5% on July 29. It’s eased to -5.2%, but one wrong move could trigger a liquidation cascade. It’s like Jenga, but with your life savings. 🪨💸
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2025-08-06 15:35