Key points:
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.
Bitcoin bull case eyes short liquidity clusters
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.
$BTC
— Skew Δ (@52kskew) November 5, 2025
and there's your short covering flow
Strong positive delta & bid flows leading price here
aggressive longs opening as well, probably to balance out deltas especially of the net short positioning from yesterday
Price action tends to be pretty erratic during these flows… pic.twitter.com/DuNT5oeu94
“Aggregated spot orderbooks depth delta on the deepest scale has finally flipped green showing signs of upcoming bottom, 10% depth is already is very positive,” commentator Exitpump added .
“Remember this is lagging indicator and takes time to play out.”
Hopes of a lasting market recovery also leveraged order-book liquidity, with longs now neutralized and open interest down considerably.
“$BTC liquidation map is telling a clear story. Most of the longs are gone, with some left around $97K-$99K level,” trader BitBull noted alongside CoinGlass figures.
“On the upside, there are 4 major liquidity clusters at $102.5k, $111.5k, $116k and $117.5k. I don't think whales will ignore these big liquidity clusters.”
BTC supply in loss nears 30% mark
Behind the panic selling , meanwhile, hodlers’ profitability dilemma became visible in onchain data.
Related: Bitcoin price 21% dip ‘normal’ as accumulator wallets buy 50K BTC in day
As reported by onchain analytics platform CryptoQuant, the proportion of the BTC supply at a loss reached nearly 30% Tuesday.
This, contributor I. Moreno wrote in a “ Quicktake ” blog post on the topic, meant that almost one third of Bitcoin investors were underwater on their holdings, even at $100,000.
“While this might sound alarming, history shows that such levels have often marked local bottoms rather than breakdowns during bullish cycles,” he explained.
“These loss thresholds tend to coincide with liquidity stress points where sellers exhaust themselves.”
