Bitcoin is trading near $107,000 as older wallets quietly offload holdings into rising institutional demand, keeping prices range-bound despite increased market activity.
At press time, Bitcoin was priced at $107,619, down 2.8% from the previous day. During the period, the cryptocurrency fluctuated between $107,623 and $111,555, extending a 5% weekly and 7% monthly decline. After several weeks of volatility, Bitcoin now trades roughly 14% below its all-time high of $126,080 recorded on Oct. 6.
Trading activity has shown slight acceleration, with $60.7 billion in volume over the past 24 hours—an 11.4% increase from the previous session.
This uptick indicates heightened trader activity around current price levels. However, CoinGlass data shows that open interest fell 2.3% to $70.12 billion, while derivatives volume declined 19% to $102.37 billion, suggesting cautious positioning and a wait-and-see approach.
Bitcoin selling pressure and market dynamics
A report from 10x Research, published on Oct. 21, identifies two key factors keeping Bitcoin range-bound. First, digital asset treasury firms have slowed their purchases, with companies like Strategy adding smaller Bitcoin allocations compared to prior quarters. Second, long-term holders are selling into institutional demand generated by Bitcoin exchange-traded funds.
This steady selling has prevented a decisive breakout, keeping Bitcoin near $110,000. According to 10x Research, Bitcoin’s trajectory depends more on new capital entering the market than on macroeconomic policies or interest rates. Without fresh inflows, volatility is likely to remain subdued.
Supporting this view, an Oct. 21 analysis by CryptoQuant Arab Chain noted that sellers dominated Bitcoin futures in October, pushing the long/short ratio down to 0.955. This suggests traders are cautious, maintaining a mildly bearish stance. Despite this, Bitcoin has consistently held above $107,000, indicating that buyers remain active at lower levels.
Bitcoin price technical analysis
Technical indicators point to a neutral-to-bearish setup for Bitcoin. Momentum has slowed, and the relative strength index (RSI) sits at 40, still above oversold territory. Both momentum and MACD indicators continue signaling selling pressure.
All major moving averages, from the 10-day to the 200-day, are above the current price, highlighting a bearish medium-term trend. Resistance lies between $112,000 and $115,000, while immediate support is near $107,000.
If Bitcoin fails to maintain its current range, a pullback toward $102,000 is possible. Conversely, a decisive move above $115,000 could pave the way for a return to $120,000 or higher.
