Bitcoin Consolidation and Whale Accumulation Suggest Potential for Breakout Near $120,000 Resistance
Main Idea
Bitcoin is consolidating between $117,261 and $120,000, with strong signals suggesting potential for a breakout toward a new all-time high, supported by whale accumulation and low sell-side risk.
Key Points
1. Bitcoin is trading in a consolidation range of $117,261 to $120,000, indicating potential momentum for a breakout.
2. The sell-side risk ratio is at a six-month high of 0.24 but remains below neutral levels, signaling low sell pressure.
3. Whale accumulation during this consolidation phase suggests confidence in Bitcoin's upward potential.
4. A break above $120,000 could push Bitcoin toward its all-time high above $122,000, while a drop below $117,261 may trigger a bearish reversal to $115,000.
5. Despite August's historically bearish trend, current market conditions suggest Bitcoin may defy this pattern.
Description
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