Bitcoin pullback forecast: Will the price fall to 100,000 dollars?

Bitcoin reached an all-time high (ATH) of $111,980 on May 22, and open interest (OI) also hit a record high of $74 billion. The influx of capital into the derivatives market in recent days signals bullish sentiment.

However, many liquidation orders are accumulating below the $100,000 level, which could pull the price down south. So, should traders prepare for a short-term pullback?

Source: CoinalyzeData from Coinalyze shows that the OI trend is moving sideways after BTC reached a new ATH. The funding rate has been very positive, but in the last 24 hours, it has decreased to a neutral level.

Traders need to prepare for a short-term pullback

Source: CryptoQuantIn a post on CryptoQuant Insights, user Darkfost points out that the demand for spot trading is gradually decreasing. Meanwhile, the trading volume of futures contracts is sharply increasing, highlighting a high speculative interest. However, the decline in spot volume as Bitcoin enters a price discovery phase has been disappointing.

The lack of spot demand indicates that investors are cautious when buying BTC in the 94,000-96,000 dollar range. This area serves as a resistance level in early May before the price surged to nearly 112,000 dollars.

The bullish wave led by the derive market is at risk of more severe fluctuations and deeper declines.

BTC/USDT | Source: TradingViewConsidering the price action over the past 6 months, Bitcoin’s 1-day chart highlights the potential range (màu trắng). There are two possible roadmaps in the coming weeks: a sustained uptrend or a reset to $100,000 or even $93,000.

When ranges are formed, price action within the range will drive liquidations to accumulate around the boundaries of the range. The pullback to $77,500 in March and the subsequent recovery saw Short liquidations accumulate at $99,600, $108,000, and $113,000.

The first two levels have been wiped out. The declining spot demand indicates that a market reset is possible, and the $113,000 level is currently out of reach.

Source: CoinglassThe 3-month chart highlights the accumulated liquidation levels at $100,000 and $92,000 as potential next targets.

Depending on the profit-taking activity and whether the bulls can regain their footing, Bitcoin may concede $106,000 to the bears once again.

Minh Anh