Bitcoin touched the $111,000 range and entered an adjustment phase. The current upward trend is maintained, but the momentum has somewhat weakened.
The market is paying attention to whether this adjustment will deepen or become a new upward momentum. On the daily chart, BTC is holding around $103,000, having exhausted the previous $101,000 selling liquidity.
The previous rising structure remains valid, targeting the midpoint of the rising channel. The 100-day moving average ($92,000) and 200-day moving average ($95,000) maintain the upward trend, showing that long-term upward momentum is intact.
The daily RSI is showing a neutral flow below the 50 line. As long as the $100,000-$101,000 range does not break, the current decline appears to be a healthy correction within the upward trend. However, if it fails to quickly recover the $106,000-$108,000 resistance zone, it may drop to the $95,000-$97,000 buy block range.
On the 4-hour chart, strong buying pressure near $100,000 led to a V-shaped rebound. This is interpreted as a typical liquidity acquisition move where market makers induced stop-losses and then raised the price.
The Bitcoin holdings on centralized exchanges have shown a steep decline, recording a historical low of 2.3 million BTC. This suggests that liquidity is being limited due to institutional investors' long-term holding strategy and spot ETF influence.
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