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Bitcoin Short-Term Holders Stay Calm As It Climbs To $120K: Selling Pressure Drops
- Bitcoin is approaching the critical $110,000 level, facing a pivotal moment in the market cycle with the potential for a new price discovery phase or a correction.
- Short-Term Holders have been selling BTC at lower-than-usual levels amid the current high-stakes market situation, indicating a sense of calm among investors.
- The cryptocurrency market anticipates a breakout above $112,000, which could lead to a significant rally across the crypto space.
- Despite macroeconomic uncertainties like rising US Treasury yields, Bitcoin has shown stability near all-time highs, suggesting growing investor confidence.
- An analyst notes that Short-Term Holders have not been rushing to secure profits despite Bitcoin's nearing record levels.
- Bitcoin is on the edge of potential price discovery, with a decisive move expected this week amidst increasing volatility.
- The $120,000 mark is a key psychological milestone that may trigger profit-taking and short-term volatility in the market.
- BTC is currently trading around $109,318, showing a 3.33% increase and testing resistance near the $112,000 all-time high.
- The price action tightens within the Bollinger Bands, indicating volatility compression before a potential breakout above $112,000.
- Bitcoin's structure remains bullish, trading above key moving averages and suggesting a positive trend continuation.
- Market sentiment remains cautiously optimistic, with momentum building steadily and volume showing a healthy increase.
- Traders are advised to monitor reactions around the $109,300–$112,000 zone for potential trend confirmation.
- Bitcoin's next move could impact the broader crypto market significantly, with the potential to define future market dynamics.
- The current market situation hints at a possible explosive phase if BTC breaks above $112,000 successfully.
- Key levels like $105,000 and $120,000 will be crucial in determining Bitcoin's short-term price action.
- The next steps in Bitcoin's price movement could shape the trajectory of the crypto market for the remainder of the year and into 2025.
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