Bitcoin Price Short-Term Fate Rests on This Key Support Zone: Details
Main Idea
Bitcoin's short-term price movement is heavily influenced by a key support zone around $117,500, as indicated by on-chain data and liquidity concentration.
Key Points
1. Bitcoin's price was down 0.6% in the last 24 hours and 0.3% weekly, trading at $118,539 at press time.
2. U.S. spot Bitcoin ETFs experienced net outflows of $131.4 million, ending a 12-day streak of inflows that had attracted over $6 billion.
3. Liquidity is heavily concentrated around the $117,500 level, making it a critical support zone for Bitcoin's short-term price movement.
4. Despite recent outflows, Bitcoin remains 11% higher in July, though its rally has slowed compared to last week.
Description
Bitcoin's (BTC) most crucial short-term price level revealed by on-chain data
$BTC
$116437.7
-1.50%
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