Bitcoin price starts ‘normal and healthy’ support test as $108K halts bulls

Key points:

• Bitcoin order book liquidity remains a decisive force on low-timeframe BTC price action after a $108,000 grab.
• Whales show divergent behavior from smaller retail investors, choosing to up BTC exposure at current prices.
• A “normal and healthy” support retest is now on the cards, with the 50-day simple moving average (SMA) of interest to buyers.

Bitcoin (BTC) cooled its upside at the Wednesday Wall Street open as $108,000 became the key breakthrough level for bulls.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price gains paused as whales add exposure

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidation after a snap move to 10-day highs.

Having taken liquidity to the upside, Bitcoin rested on a cloud of bids as sellers lined up closer to all-time highs, per data from monitoring resource CoinGlass.

BTC 24-hour liquidation heatmap. Source: CoinGlass

Market participants themselves held divergent views of what might happen next, with smaller investors taking profit while whales and other major entities added exposure.

“As $BTC attempts to reclaim $108K, the Accumulation Trend Score shows no unified cohort behavior,” onchain analytics firm Glassnode reported in part of ongoing analysis on X.

“1–10 BTC wallets continue distributing, while 10–100 $BTC are net accumulators. Others show mixed signals, though the overall score has rebounded from 0.25 to 0.57.”

Bitcoin Trend Accumulation Score chart. Source: Glassnode/X

Whale accumulation tends to imply faith in further gains to come among Bitcoin’s “smart money” cohort.

Continuing, popular X commentator TheKingfisher identified $107,000 as a point where significant long liquidations should occur.

Wow, this $BTC optical_opti liq map is wild! 📈 Look at that massive wall of long liquidations clustering just below the current price (around 107K-107.1K). Looks like a clear magnet for a potential dip.

On the flip side, short liqs are spread out above, hinting at less… pic.twitter.com/lq2YSjsxht— TheKingfisher (@kingfisher_btc) June 26, 2025

The day prior, trading resource Material Indicators revealed all order classes except smaller retail traders buying as the price rose.

“FireCharts shows a small block of bid liquidity appearing in the order book to keep $BTC price elevated amidst nominal profit taking,” it told X followers, referencing one of its proprietary trading tools.

“It is completely normal to see traders profit taking in this range while long term investors continue to HODL.”

BTC/USDT order book liquidity data as of June 25. Source: Material Indicators/X

Bitcoin analyst sees $105,700 “buying opportunity”

Material Indicators co-founder Keith Alan, meanwhile, observed what he described as a “normal and healthy” price retracement after the $108,000 run.

Related: Bitcoin ‘Satoshi-era’ miners sold just 150 BTC in 2025 amid all-time highs

“If price drops below the 50-Day SMA, I'll anticipate another flush to shakeout weak hands, and I'll look for my next buying opportunity,” he concluded, referring to Bitcoin’s 50-day simple moving average at around $105,700.

An accompanying chart showed recent daily green “buy” and red “sell” signals on another trading tool.

BTC/USD 1-day chart. Source: Keith Alan/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.