Bitcoin bulls aim to chase liquidity at $122K, but Q3 seasonality could stall breakouts
Main Idea
Bitcoin's price may target $122,000, but weakening bullish momentum due to spot ETF outflows, low trading volumes, and seasonal trends could hinder further gains.
Key Points
1. Bitcoin briefly dipped below $117,000, liquidating long positions, but the 100-day EMA provides short-term support.
2. Key resistance lies between $120,000–$122,000, where $2 billion in BTC short positions could be liquidated.
3. Bearish signals include a falling RSI, declining spot BTC ETF flows (down 80% week-over-week), and low trading volumes ($8.6 billion daily).
4. Seasonal headwinds in August (average return of -2.56%) and high profit-taking potential (96.9% of supply in profit) may stall bullish momentum.
5. Potential catalysts for a rally include positive news from the White House or dovish signals from the Fed's FOMC meeting.
Description
Bitcoin eyes upside breakout to $122,000, but fading spot ETF flows, lack of volumes and seasonality could stall bullish momentum thereafter.
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