Bitcoin Price Rebound Stops At $103k With 30% Of BTC Supply...

Bitcoin unrealized losses reached nearly one-third of the supply, even before BTC price fell to multimonth lows below $100,000.

Bitcoin struggles to recoup losses that sparked multimonth lows under $100,000.

Traders hope that whales will push the market higher to neutralize late shorts.

Almost one-third of the BTC supply is now held at an unrealized loss.

Bitcoin (BTC) rebounded to $103,000 at Wednesday’s Wall Street open as traders took more heavy losses.

Data from Cointelegraph Markets Pro and TradingView showed a 1.5% gain in the BTC price on the day.

After reaching its lowest levels since June 22, BTC/USD finally saw some relief as crypto long liquidations surpassed $1.7 billion in 24 hours, according to data from monitoring resource CoinGlass.

Commenting on the latest market movements, trader Skew focused on derivatives, observing “aggressive” long positions opening in the aftermath of the prior day’s drop.

$BTCand there's your short covering flowStrong positive delta & bid flows leading price hereaggressive longs opening as well, probably to balance out deltas especially of the net short positioning from yesterdayPrice action tends to be pretty erratic during these flows… pic.twitter.com/DuNT5oeu94

“Aggregated spot orderbooks depth delta on the deepest scale has finally flipped green showing signs of upcoming bottom, 10% depth is already is very positive,” commentator Exitpump added.

Source: CoinTelegraph