Bitcoin Nears $116,000 Amid Low Sell Pressure and Institutional Demand, but RSI Signals Caution
2025-07-11 04:40:56
Main Idea
Bitcoin's price surge to $116,000 is supported by low exchange inflows and institutional demand, but RSI divergence suggests caution despite bullish indicators.
Key Points
1. Bitcoin's exchange inflows have dropped to 3,200 BTC per day, the lowest since 2015, reducing the likelihood of a sudden price drop.
2. Over 645,000 addresses hold approximately 476,650 BTC between $108,795 and $110,624, creating a strong demand wall and support level.
3. The Relative Strength Index (RSI) shows a bearish divergence, indicating waning momentum, though the market is not yet overextended.
4. Fibonacci targets suggest potential upside levels at $121,000 and $135,000, with Bitcoin's recent wick near $116,500 aligning with the 0.5 Fibonacci level.
5. Bitcoin's breakout above $116,000 is fueled by institutional demand and corporate accumulation, but technical indicators like RSI divergence warrant vigilance.
Description
Bitcoin price has surged past $116,000, setting a new all-time high and signaling strong institutional interest amid historically low sell pressure. Exchange inflows have dropped to their lowest levels since
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