Bitcoin’s market dynamics show a significant decline in sell-side activity as taker sell volume plummeted by 93% over recent days, dropping from over $17 billion to current levels near $1.2 billion. This drastic reduction signals weakening selling pressure despite persistent resistance near the $119,000-$120,000 psychological barrier.
Technical indicators reveal Bitcoin price has maintained stability above crucial support levels of $117,000-$118,000 while facing strong resistance at $120,000. The Net Unrealized Profit/Loss (NUPL) metric confirms peak profit-taking activity near this resistance zone, suggesting trader caution at threshold levels.
Market analysts note a breakout above $120,000 could initiate an upward trajectory toward $122,000, whereas dropping below $117,000 may trigger bearish sentiment targeting $114,000. Declining sell volumes alongside stabilizing NUPL data point to potential consolidation opportunities before a decisive price movement.