Bitcoin seller exhaustion 'likely' as trader eyes $115K BTC price dip

Key points:

• Bitcoin marketplace momentum slows aft its all-time highs, but investors are not wasting clip adjusting to rangebound conditions.

• Profitability has “cooled,” says Glassnode, but caller gains are inactive possible.

• Traders are eyeing a liquidity build-up astatine $115,000 for a BTC terms dip.

Bitcoin (BTC) is successful a “healthy yet fragile balance” arsenic BTC terms consolidation causes a driblet successful profits.

In its latest “Market Pulse” released Monday, onchain analytics steadfast Glassnode warned that caller gains whitethorn not travel soon.

Bitcoin toys with lengthier consolidation

Bitcoin is taking a tenable pause aft its surge to caller all-time highs, but marketplace shifts mean that different lengthy consolidation signifier whitethorn result.

Glassnode reveals assorted signs that investors are present readjusting to range-bound BTC terms behavior.

“Profitability metrics person started to cool. The percent of proviso successful nett and unrealized nett some declined somewhat but stay successful euphoric territory,” it wrote. 

“The Realized Profit to Loss Ratio besides pulled back, suggesting that portion astir investors stay successful profit, immoderate are starting to de-risk successful airy of caller gains.”

Realized profit-to-loss ratio measures coins moving successful nett and nonaccomplishment compared to their past transaction. Glassnode calls the metric’s driblet from 3.9 to 2.6 “notable.”

“This speechmaking hovers conscionable supra the precocious set of 2.7, indicating that realized profits inactive outweigh losses, though momentum has cooled,” it explained.

“The displacement points to a marketplace recalibrating aft the caller ATH, with investors adopting a much measured stance amid reduced bullish intensity.”

Bitcoin realized profit/loss ratio. Source: Glassnode

That simplification does not mean that bears are starting to summation the precocious hand, however. Rather than terminating its march higher astatine $123,000, BTC/USD appears to beryllium coiling, cementing caller support.

The existent consolidation whitethorn nevertheless copy erstwhile cooling-off phases, turning from days to weeks oregon longer, Glassnode hints. 

“Overall, marketplace conditions bespeak a steadfast yet fragile balance,” it concluded. 

“Seller exhaustion appears apt and acceptable for different imaginable limb up, but if profitability continues to weaken, the marketplace whitethorn modulation into a broader consolidation signifier arsenic sentiment cools and positioning normalizes.”

Liquidity points to $115,000 retest

Bitcoin traders are considering wherever caller section lows whitethorn travel arsenic a effect of the bull tally breather.

Related: Bitcoin bull tally 'likely adjacent to over' says trader arsenic XRP flips McDonald's

Analyzing speech order-book liquidity, marketplace participants person highlighted $115,000 arsenic an progressively tempting terms magnet.

“The longer terms keeps hovering astir this area, the much positions volition beryllium gathering up connected some sides. Those positions volition beryllium substance for wherever this moves next,” fashionable trader Daan Crypto Trades told X followers successful a station connected Tuesday. 

“The main areas to ticker successful the abbreviated word are ~$115K-$120K. The biggest liquidity clump presently sits beneath this section scope astatine ~$115K.”

BTC liquidation heatmap. Source: Daan Crypto Trades/X

A abstracted station besides gives value to $118,000 arsenic an important low-timeframe level acknowledgment to trading volume.

As Cointelegraph reported, liquidity has played a cardinal relation successful drawback BTC terms moves passim Q2.

— Daan Crypto Trades (@DaanCrypto) July 22, 2025

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.