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Bitcoin Faces Calm Before the Storm as Market Eyes $120K Milestone
- Bitcoin remains in a bullish structure, but a temporary cooling-off phase is suggested by recent market activity.
- Short-term holders show restraint despite recent price movements, leading to a strategic pause rather than a sentiment shift.
- Indicators signal a possible short-term pullback from the recent $110K peak towards a healthy pause before potentially reaching $120K.
- Short-term holders have sold an average of 21K BTC on centralized exchanges, indicating a relative calm and normal market phase.
- Traders view $120K as a psychological milestone that could trigger renewed market volatility and profit-taking.
- Derivatives market shows caution with a $1 billion drop in open interest, suggesting unwinding leveraged positions during market reset.
- If Bitcoin approaches $120K with patient short-term holders and low leverage, breaking this threshold might occur more smoothly.
- Bitcoin's market structure remains bullish, but the next phase depends on a delicate balance of investor behavior and market dynamics.
- Consolidation with a cautionary undertone is observed, indicating a potential push to the upside if short-term holders maintain composure.
- Leverage stepping back and market dynamics favoring Bitcoin holders could lead to another upward push in price.
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