Critical Level for Bitcoin Rise is 115 Thousand Dollars

For Bitcoin (BTC) price to rise in the short term and regain investor confidence, it first needs to surpass the $115,000 level. In a recent report titled Deleveraging Aftershock published by CryptoQuant, it is stated that a temporary weakening has occurred in Bitcoin's fundamentals, but whale purchases and the increase in stablecoin supply continue to support the market.

The report indicates that Bitcoin's realized cost level, known as the Traders Realized Price, is around $115,000. This threshold is critical for providing upward momentum in the market. Last week, as a result of significant liquidations due to US-China trade tensions, a total of $21 billion worth of Bitcoin and Ethereum open positions were wiped out. This sharp drop led to a loss of 7% in Bitcoin price and 12% in Ethereum.

Additionally, it was observed that the Bitcoin Bull Score Index declined from 80 to 20, confirming the weakness in the market. However, according to CryptoQuant data, although Bitcoin demand decreased by 111,000 Bitcoin in the last 30 days, USDT supply increased by $14.9 billion, marking the fastest growth since January. This situation is seen as a positive signal for the entry of fresh liquidity into the market.

On the other hand, the total Bitcoin accumulation of whale wallets exceeding the one-year average as of October 8 indicates that large investors have entered a process of accumulation again. CryptoQuant emphasizes that these two structural indicators maintain the fundamental support of Bitcoin and that a close above the $115,000 level would mean "restoration of confidence." Therefore, the critical point for investors is that Bitcoin regains and rises above the $115,000 level.