Bitcoin May Be Approaching a Local Bottom as Traders Watch Key $114.1K Level for Confirmation
Main Idea
Bitcoin shows signs of a potential local bottom after retesting the $112k support level, with traders watching the $114.1k resistance for confirmation of a bullish reversal.
Key Points
1. Bitcoin retested the $112,000 support zone and gained 1.6%, indicating potential stabilization.
2. Liquidation heatmap shows significant liquidity between $112,000 and $114,000, suggesting a possible bullish reversal if Bitcoin holds above $114,000.
3. On-chain data reveals younger coins were moved during the recent dip, while medium-term holders showed limited volatility, often preceding price stabilization.
4. The Bitcoin Fear and Greed Index dropped sharply, reflecting increased market caution, but similar past patterns preceded price rebounds.
5. A confirmed break above the $114,100 resistance level could signal a bullish trend reversal, with potential targets near $120,000.
Description
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