Bitcoin’s price has continued to climb steadily, even as trading volumes have fallen to their lowest levels since the beginning of the 2023–2026 cycle. Retail investor participation remains muted, and perpetual swap funding rates have briefly dipped into negative territory — an uncommon backdrop for a market approaching all-time highs.
Beneath this quiet surface, however, on-chain data tells a different story: stealth accumulation is underway. Despite the subdued activity, a consistent drawdown in both exchange and OTC balances signals a tightening supply and growing conviction among long-term holders. Meanwhile, Bitcoin futures open interest is hovering near record levels, suggesting that the market is tightly wound. This combination of dwindling supply and high-leverage positioning may be setting the stage for a sharp, volatility-driven breakout — a perfect storm in the making.
BTC-USDT Daily Chart:
After making a new all-time high of $111,980, BTC witnessed some profit booking at higher levels, causing the price to fall by almost 10.35%, dropping to $100,382. The asset took support at the key psychological level of $100k and bounced back to $110k. However, the bulls are struggling to maintain momentum at higher levels, and BTC is facing resistance around $110,000. To rally further, it needs to break, close, and sustain above $110k, whereas $100,000 and $90,000 will act as strong support levels for the asset.
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