Bitcoin has been trading in a narrow range above $100,000 since June, with approximately 5.9 million BTC, valued at $588 billion, exchanging hands between $100,000 and $126,000. Markus Thielen, founder of 10x Research, cautions that many of these coins are held by less committed or institutional investors who may be prone to panic selling if prices decline. A drop below $100,000 could exacerbate volatility and create liquidity issues, particularly around the $93,000 level where buying interest is concentrated.