Bitcoin has successfully recaptured the $120,000 milestone, indicating renewed bullish energy as it approaches its all-time record.
The significant price increase reflects a shift in investor sentiment, fueled by an influx of fresh capital into the market. Activities from mid-sized holders and ETF investments seem to be pivotal in this movement.
Bitcoin Enjoys Robust Support
The Trend Accumulation Score indicates a marked change in market dynamics. Mid-sized Bitcoin holders are actively accumulating, balancing the ongoing sell-offs by larger entities. This new demand illustrates structural backing for BTC’s current upward trend, establishing a more stable base for future appreciation.
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Whale distribution has been decreasing, while smaller investors generally remain neutral. This equilibrium mitigates the risk of aggressive selling, enhancing market resilience. The shift in investor behavior implies a more favorable landscape for Bitcoin’s advancement.
The Long-Term Holders Net Position Change (3D) has transitioned to neutral after a period of significant distribution. This implies reduced profit-taking among long-term holders, rendering the market less susceptible to abrupt selling pressures. Lower distribution levels are a promising indicator for sustained price strength.
As supply pressures diminish, external elements like ETF investments and institutional demand could begin to dominate momentum. Should these inflows persist, they will provide Bitcoin with the essential backing to maintain its rally and challenge the previous all-time high.
BTC Price Targets New Heights
As of now, Bitcoin is trading at $120,290, striving to maintain $120,000 as a support level. Sustaining this threshold is vital for preserving momentum and avoiding a temporary downturn.
The immediate obstacle for BTC is the $122,000 mark, which acts as the final resistance before reaching the all-time high of $124,474. A successful breakout above this point would pave the way for Bitcoin to attain a new ATH, strengthening bullish sentiment throughout the market.
However, if market conditions deteriorate and selling pressure increases, Bitcoin may forfeit the $120,000 support. In such an event, the price could drop to $117,261, invalidating the bullish outlook and indicating a temporary halt in the rally.
