Since the beginning of the month, Bitcoin has shown a consistent upward trend, raising hopes for a move toward $120,000.
This positive momentum is supported by robust investor engagement, as BTC holders express renewed confidence. The combination of technical and fundamental strengths is delivering bullish signals to the market.
Bitcoin Investors Opt for Buying
Recent data indicates that Bitcoin accumulation has peaked at its highest level in almost two months. Over the last 24 hours, investors acquired more than 23,000 BTC, valued at over $2.67 billion, and removed them from exchanges.
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Traditionally, such outflows from exchanges imply that investors intend to hold their assets long-term rather than chase quick profits. This shift in sentiment contrasts with earlier this quarter when selling pressure was more evident.
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From a technical standpoint, the squeeze momentum indicator indicates a bullish squeeze release for Bitcoin. This upward momentum typically signifies that the asset is gaining strength, paving the way for potential price increases in the near future.
This progress underscores Bitcoin’s resilience amid broader market volatility. The strengthening momentum supports its ongoing rally, enabling the asset to maintain a bullish stance.
BTC Price Might Surpass Key Barrier
Currently trading at $116,027, Bitcoin has consistently gained since the month began. However, it is now encountering resistance at $117,261, a crucial level that has hindered upward movement in recent sessions. Overcoming this barrier will be vital for Bitcoin’s next trajectory.
If Bitcoin succeeds in breaking through and converting $117,261 into support, it could surge toward $120,000 in the following days. Strong buying interest and favorable momentum indicators suggest this outcome is quite likely.
Nevertheless, a decline in momentum could trigger renewed selling pressure. If BTC drops below the $115,000 support, there is a risk of it falling to $112,500, potentially invalidating the bullish outlook.
