Bitcoin May Face Extended Consolidation Near $115,000 as Profitability Cools, Analysts Suggest
Main Idea
Bitcoin is currently in a consolidation phase below $120,000, with key support at $115,000, as profitability metrics indicate a market recalibration and reduced bullish momentum.
Key Points
1. Bitcoin's consolidation phase reflects market maturity and investor caution, with price fluctuations between $115,000 and $120,000 becoming the norm.
2. Glassnode's data shows a decline in the Realized Profit to Loss Ratio from 3.9 to 2.6, signaling reduced profitability but still positive gains.
3. The $115,000 level is identified as a key support zone with significant liquidity, potentially attracting buyers if the price dips.
4. Trading volume and order book data highlight $118,000 as another pivotal level, reducing the likelihood of abrupt price swings.
5. Historical patterns suggest liquidity and volume clusters are instrumental in driving Bitcoin’s price dynamics during consolidation phases.
Description
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