Bitcoin price is consolidating near $105,000 amid growing stablecoin liquidity, hinting at a quiet accumulation phase that could spark the next major move.
Bitcoin is holding steady around $104,978 after slipping 1.3% in the past 24 hours. The top cryptocurrency has traded between $99,376 and $106,562 over the past week, down just 0.4% in seven days and roughly 6% over the past month. It now sits 16% below its record high of $126,080 reached on Oct. 6.
Even with the mild pullback, trading activity remains solid. Daily trading volume has climbed 12% to $70.68 billion, showing that participation in the market is far from cooling off. Data from CoinGlass indicates that derivatives volume also climbed 14.44% to $105.83 billion, while open interest dropped 3.34% to $67.58 billion. This suggests traders are rotating positions rather than increasing risk exposure, signaling caution ahead of potential volatility.
### Stablecoin Buildup Signals Latent Buying Power
According to a Nov. 10 analysis by CryptoQuant analyst KriptoCenneti, Bitcoin’s next big move may be quietly building in the background. The Bitcoin Stablecoin Supply Ratio (SSR)—a measure comparing Bitcoin’s market value to the size of the stablecoin market—has fallen from above 18 earlier this year to just 13.1, one of the lowest levels seen in 2025.
A falling SSR means stablecoin reserves are growing faster than Bitcoin’s valuation. In simple terms, there’s more “dry powder” sitting on the sidelines, ready to move into Bitcoin when confidence returns.
SSR fell from 15 to 13 in the last month, despite Bitcoin’s price remaining near $105,000. This pattern implies that rather than leaving the market, investors are preparing to buy. Additionally, another CryptoQuant analysis showed that Bitcoin reserves are still declining while Binance stablecoin reserves are increasing.
This liquidity structure frequently appears close to market turning points, when long-term holders start to build positions and selling pressure lessens.
### Bitcoin Price Technical Analysis
On the technical side, Bitcoin’s momentum appears neutral. The market isn’t stretched either way, as indicated by the Relative Strength Index (RSI), which is currently around 44. Although no clear signs of a breakdown are present, the MACD indicator remains slightly negative, suggesting short-term weakness.
Bitcoin continues to find strong support near $99,000, a level where buyers have consistently stepped in. The price is also consolidating between the short-term moving averages and the middle of its Bollinger Bands, indicating a cooling-off period after October’s volatility.
If the price breaks clearly above $107,800, it could move toward the $112,000–$116,000 range. Conversely, a drop below $99,000 may trigger a retest of support near $97,000.
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With stablecoin liquidity building and trading activity remaining robust, Bitcoin could be gearing up for its next significant move. Investors and traders will be watching closely for a breakout or breakdown in the coming days.
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