Bitcoin remains below its recent peak, trading at around $104,835—down 2.1% over the past week and roughly 6.3% below last month’s high of $111,814. Despite this consolidation amid selling pressure and macroeconomic factors, on-chain metrics suggest potential upcoming market shifts.
Following the Federal Reserve’s decision to maintain interest rates, analysts observed contrasting trends between Bitcoin’s price and derivatives market activity.
Derivatives Deleveraging and Price Dynamics
Amr Taha, contributor at CryptoQuant’s QuickTake, noted Bitcoin has found strong support near $104,000, absorbing selling pressure. Meanwhile, open interest on Binance has steadily declined, indicating deleveraging in the derivatives market.
Taha highlighted a key divergence: while Bitcoin’s price hovered near $104,000, open interest formed lower lows. This suggests traders are reducing leveraged positions amid market uncertainty and the Fed’s cautious stance.
The $104,000 area has emerged as a significant liquidity zone with heavy long-position liquidations and minimal short liquidations. This reflects a clearing out of recent buyers who entered during the previous rally.
According to Taha, this phase of deleveraging may set the stage for a price rebound if macro conditions stay supportive. Historically, Bitcoin has often resumed upward momentum following periods when the Fed pauses rate hikes and sellers show signs of exhaustion. Stabilizing open interest and declining liquidations could underpin a near-term rally.
Whale Activity and Market Behavior on Binance
In another CryptoQuant analysis, analyst Oinonen observed a marked rise in whale activity on Binance. Since 2023, the whale ratio on the exchange surged from 0.08 to 0.77 in 2025, signaling a 400% increase in large-holder accumulation.
This trend corresponds with periods of market volatility, where whales and retail traders prefer holding positions rather than selling. Low inflows to Binance suggest participants are avoiding panic selling and anticipating further price gains.
These on-chain developments indicate Bitcoin may be preparing for a breakout, with key support levels holding and major market players accumulating ahead of potential volatility.