Bitcoin Consolidates Near $116K, Echoing Patterns Before Previous Surge to $100K

Key Points

1. Bitcoin is currently trading at $116,618, consolidating after a breakout above resistance, suggesting potential for another upward movement.

2. Key resistance is at $115.5K, with support levels at $112.5K and $108.5K.

3. On-chain data shows 70% of short-term BTC supply remains in profit, indicating reduced selling pressure.

4. Bitcoin's current price action mirrors patterns seen before its late 2024 surge from $70K to $100K.

5. Long-term holders maintain profitable positions, and institutional interest remains strong, with a $4.2 billion offering recently filed.