Bitcoin Bulls Rally as Massive Bid Walls Emerge on Binance Despite Market Dip Bitcoin has recently slipped below the psychological $100,000 mark, trading around $97,000 for the first time since May, as persistent selling pressure intensifies across the market. The sentiment among many traders has turned distinctly fearful, with widespread deleveraging and rotation into stablecoins observed amid heightened volatility. However, intriguing on-chain data suggests a potential turning point, indicating that deep-pocketed institutional buyers may be positioning themselves for a significant rebound.
Aggressive Buyers Signal Dip Accumulation
According to CryptoQuant analyst Maartunn, substantial bid walls have been identified on Binance Futures. This includes a prominent cluster of approximately 800 BTC, with a larger accumulation stacking up to 2,800 BTC. Such large-scale buy orders, often attributed to "aggressive dip buyers" or whales, historically coincide with local market bottoms. These powerful bid walls indicate a renewed confidence from high-volume traders who perceive long-term value despite the recent correction, actively absorbing selling pressure to defend crucial price levels around the current $97,000 zone. This strategic accumulation by smart money suggests a potential floor, making further significant drops more challenging without a surge in selling volume.
Technical Outlook and Key Levels to Watch
Bitcoin's current price action is showing increasing fragility on a short-term basis. The three-day chart reveals a decisive break below the significant $100,000 psychological threshold. Technical indicators further underscore this bearish momentum, with the 50-day moving average crossing below the 100-day moving average—a classic bearish signal indicating fading momentum. The next critical support level lies around the 200-day moving average, currently near $88,000. Despite this technical breakdown, early signs of stabilization are emerging around current levels, echoing historical patterns where Bitcoin has found strong support at its 200-day MA during previous mid-cycle retracements. The Relative Strength Index (RSI), though not explicitly shown, is likely approaching oversold territory, reinforcing the potential for a near-term bounce. Should Bitcoin successfully reclaim and hold above $100,000, a relief rally towards the $105,000-$108,000 range could unfold. Conversely, a failure to defend the $95,000 support level might accelerate the decline towards $90,000, pushing the market into a deeper correction. The overall market structure remains in a phase of consolidation, balancing the risks of further capitulation against the early signs of strategic accumulation.
