Bitcoin remains constrained below the critical $120,000 resistance level amid intensifying bearish market conditions. The flagship cryptocurrency faces mounting downward pressure as major holders increase distribution activity, hindering sustained upward momentum.
Recent on-chain data reveals amplified selling from large-scale investors (whales), contributing to suppressed price action. This persistent selling pressure coincides with two vital support thresholds for Bitcoin: short-term holder cost bases clustered near $115,700 and a significant floor at $105,000. These zones are now being closely monitored as potential stabilization points.
While broader US economic indicators demonstrate resilience—including improving JOLTS job openings and Consumer Confidence data—this cautiously optimistic macroeconomic backdrop has yet to counteract crypto-specific headwinds. The positive fundamental developments have not translated into sufficient buying strength to overcome current resistance.
Market analysts warn that failure to maintain the immediate support level near $116,750 could trigger rapid downward momentum. Should this threshold break, Bitcoin risks accelerating toward sub-$110,000 price territory as traders watch technical levels for signs of directional confirmation.
The convergence of whale divestment and key technical supports creates a high-stakes environment for Bitcoin’s near-term trajectory, with market participants awaiting decisive price action to determine the next significant market move.