Bitcoin Approaches $120K Resistance as On-Chain Metrics and Cooling Inflation Suggest Potential Breakout Opportunities
Main Idea
Bitcoin is approaching the $120K resistance level, supported by strong on-chain metrics and favorable market conditions, suggesting potential breakout opportunities.
Key Points
1. Bitcoin is trading near $118,790, with key support levels at $112,000, $104,000, and $100,000, and a focus on breaking the $120,000 resistance.
2. Breaking the $120K resistance could trigger significant short liquidations and open the path for further price gains.
3. On-chain metrics, including a Stock-to-Flow ratio of 154 and an MVRV Z-Score of 2.667, indicate reduced supply pressure and room for price growth.
4. Cooling inflation and potential rate cuts may boost Bitcoin's chances of breaking above $120K.
5. Market sentiment and technical factors, such as the 50-day SMA near $113,324, support a bullish outlook for Bitcoin.
Description
Bitcoin is nearing the $120K resistance level, supported by strong on-chain metrics and favorable market conditions that may lead to a breakout. Breaking $120K could remove major resistance, opening a
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