Bitcoin (BTC) is holding steady near the $107,000 mark after a volatile week, with legacy wallets quietly selling into institutional demand. This steady offloading has kept prices range-bound, even as market activity begins to rise.
Bitcoin Stays Range-Bound Despite Rising Activity
At the time of writing, Bitcoin was trading at $107,619, down 2.8% in the past 24 hours. The world’s largest cryptocurrency traded between $107,623 and $111,555, extending its 5% weekly and 7% monthly decline. Bitcoin now sits roughly 14% below its all-time high of $126,080 reached on October 6.
Trading volumes have picked up slightly, with $60.7 billion exchanged over the last day — an 11.4% increase from the previous session. Despite this uptick, open interest dropped 2.3% to $70.12 billion, and derivatives volume fell 19% to $102.37 billion, according to data from CoinGlass.
These numbers suggest that while trading activity is rising, many investors are taking a cautious, wait-and-see approach, reducing short-term exposure amid uncertainty.
Legacy Wallets Take Profits, ETFs Absorb the Selling
A new report from 10x Research, published on October 21, highlights two main reasons behind Bitcoin’s stalled momentum.
First, corporate treasury buyers have slowed their accumulation. Firms like Strategy are adding smaller amounts of Bitcoin than in earlier quarters, signaling a more conservative approach to treasury diversification.
Second, long-term holders or “legacy wallets” are selling into ETF-driven demand, offsetting the buying pressure from institutions and keeping Bitcoin locked in a tight range around $110,000.
“Bitcoin’s performance depends more on new capital entering the market than on interest rates or macroeconomic policy,” the 10x Research report stated. “Without strong inflows, volatility will likely remain low, and prices will stay subdued.”
Supporting this view, CryptoQuant Arab Chain noted that October’s long/short ratio dropped to 0.955, indicating that sellers have dominated the futures market. This shows a slightly bearish bias among traders though the fact that BTC has held above $107,000 suggests that buyers remain active at lower levels.
Technical Outlook: Neutral-to-Bearish Setup Persists
From a technical standpoint, Bitcoin’s indicators continue to reflect a neutral-to-bearish bias. The Relative Strength Index (RSI) stands at 40, suggesting the asset is not yet oversold but lacks upward momentum.
Both the momentum and MACD indicators are still flashing sell signals, while all major moving averages (10-day through 200-day) remain above the current price a sign that the medium-term trend remains bearish.
Immediate support lies near $107,000, while resistance levels sit between $112,000 and $115,000. A failure to hold current levels could see Bitcoin retest $102,000, while a decisive breakout above $115,000 could open the path back toward $120,000 and beyond.
Bottom Line
Despite stronger trading activity, Bitcoin remains locked in a tight range as long-term holders sell into institutional demand. For now, the market appears to be in consolidation mode, with traders closely watching the $107,000 support and $115,000 resistance levels for the next decisive move.
As analysts suggest, Bitcoin’s next breakout may depend less on macroeconomic factors and more on fresh capital entering the market.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
