Bitcoin (BTC) holds market structure despite a sharp short-term drop… key is whether ‘buy-the-dip’ flows return after leveraged froth is flushed out

An analysis suggests that while Bitcoin (BTC) saw a steep short-term decline that eased overheated leverage, the market’s underlying structure remains intact.

On the 19th (local time), crypto-focused outlet Cointelegraph reported that “Bitcoin’s price fell about 3.7% in the morning, triggering liquidations of roughly $233 million in long positions,” adding that “while excessive leverage risk has largely been unwound, the market’s medium- to long-term structure has not broken down.”

The outlet said that “investor sentiment cooled rapidly in the short term, but taken together, on-chain data and derivatives indicators suggest this pullback is closer to a structural reset than a trend reversal,” and argued that “the key to the next directional move is whether meaningful spot buying aimed at buying the dip comes in.”

From a technical perspective as well, Bitcoin is seen as maintaining a relatively resilient trajectory. Cointelegraph noted that “on the BTC daily chart, the pattern of gradually higher lows and higher highs is still in place,” explaining that “the $92,000–$93,000 zone is a demand area where buy orders are concentrated and also overlaps with the monthly volume-weighted average price (VWAP) support level.”

It added that “this price range is likely part of a ‘higher-low’ formation process toward reclaiming $100,000,” and that “as of the 19th, roughly $250 million in net long buying was executed around $92,000, suggesting buy-the-dip demand outweighed capitulation selling.”