Bitcoin continues to face significant resistance near the $111,970 price point, struggling to initiate a decisive upward move. Traders have adopted a cautious stance, awaiting stronger market signals before deploying significant new capital.
Despite subdued buying interest limiting the upside, selling pressure has noticeably subsided. This hesitant market dynamic highlights a lack of robust conviction among participants.
Concurrently, Bitcoin’s social media sentiment has ascended to its highest level in three weeks. Analysis reveals bullish mentions significantly outweigh bearish commentary, registering a positive ratio of 1.51.