Bitcoin (BTC) on-chain indicators are converging near the $105,000 (approximately 145.95 million won) level, reaching a hidden risk zone, according to analysis. With excessive open interest in the derivatives market added to this, concerns are growing that the Bitcoin market could be exposed to strong short-term volatility.
Currently, Bitcoin is temporarily testing the demand zone of $112,000-$113,000 (approximately 155.68-157.07 million won) and is showing a sideways trend. The market is attempting to break through the major downward trend line, and if this zone is breached, it is expected to target the early week's high of $115,700 (approximately 161.22 million won).
However, it is noteworthy that on-chain evaluation indicators, especially the realized value (RV) and short-term holder on-chain price metrics, are concentrated in the early $100,000 range. This suggests a point where selling pressure can easily accumulate and potentially face strong resistance.
Another factor increasing market fluctuation potential is the open interest balance in the Bitcoin derivatives market. Industry experts point out that the recent sharp increase in open interest is accompanied by an increased likelihood of leverage liquidation. Particularly, if the market changes dramatically in a specific direction, large-scale position liquidations could occur sequentially, potentially causing short-term sharp price movements.
With on-chain risks and derivatives market structural instability overlapping, assessments suggest that Bitcoin has entered a phase where it could move sharply in either the downward or upward direction. Market participants are required to closely observe price support and resistance zones while being mindful of volatility risks.
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