Bitcoin Faces Resistance Near $120K as Long-Term Holders Begin Profit Taking
Main Idea
Bitcoin is encountering resistance near the $120,000 level as long-term holders begin taking profits, while institutional investors adjust their positions, signaling cautious market shifts.
Key Points
1. Bitcoin faces resistance near $120K as long-term holders reduce exposure, evidenced by on-chain data showing profit-taking activity.
2. Institutional investors, such as Galaxy Digital, are adjusting positions, indicating the sell-off is not driven by retail investors.
3. The 7-day Aggregated Open Interest Delta shows a mild pullback, reflecting selective position trimming rather than a full exit.
4. Bitcoin's Relative Strength Index (RSI) has cooled to 59 from overbought levels, suggesting reduced buying pressure but no immediate weakness.
5. On-Balance Volume (OBV) has flattened near 1.76 million, indicating a stall in fresh buying interest and a temporary pause in upward momentum.
Description
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