Bitcoin Faces Resistance Near $117K-$118.7K Amid Weakening Momentum and Short-Term Holder Influence
Main Idea
Bitcoin is testing a critical resistance zone between $117,000 and $118,700, with weakening momentum but a maintained bullish bias, while short-term holders significantly influence market dynamics.
Key Points
1. Bitcoin faces resistance at $117,000-$118,700, raising market caution despite a bullish structure.
2. Short-term holders (STHs) play a dual role in shaping price floors and resistance zones, with $110,000 as a critical support level.
3. The resistance zone has heightened market anxiety, with traders awaiting a breakout or correction to confirm Bitcoin’s next direction.
4. Historical patterns suggest transaction volume gaps and imbalances in the $117K-$118.7K range are key to predicting future price movements.
5. Bitcoin’s momentum is weakening despite the bullish bias, with short-term holders remaining pivotal in market sentiment.
Description
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