Bitcoin finds support at $112K: Can buyers push BTC to $120K this week?
Main Idea
Bitcoin shows signs of a potential trend reversal after finding support at $112K, with traders watching for a move beyond $114.1K to confirm the reversal.
Key Points
1. Bitcoin retested the $112K support level and saw a 1.6% price jump, suggesting a possible local bottom.
2. The fear and greed index dropped sharply in early August, indicating a potential shift in market sentiment.
3. Liquidity pockets at $106.5K and $97K were noted, but not all were visited, similar to the end of June when BTC rebounded from $99.8K.
4. A confirmed reversal would require Bitcoin bulls to flip the $114.1K level into support.
5. Weekend trading volume was below average, and the liquidation heatmap suggested BTC might have reached a local bottom.
Description
The fear and greed index dropped sharply in the first two days of August, showcasing a sentiment shift.
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