Bitcoin Price Shows Potential Strength as Long-Term Selling Eases and $117,000 Resistance Looms

Key Points

1. Bitcoin price is up 1.1% daily but down 3.77% weekly, with key resistance at $117,000.

2. Long-term Bitcoin holders have significantly reduced selling pressure, signaling a potential end to the recent correction phase.

3. The MVRV ratio stands at 2.19, historically a level that precedes Bitcoin rallies, indicating a balanced valuation with room for growth.

4. The $117,000 price point is critical for Bitcoin's next move; clearing this resistance could confirm a new rally, while falling below support zones at $111,900 and $110,000 risks invalidating the bullish setup.

5. Traders are watching the $117,000 level closely, as it has the highest candle volume and is a significant resistance zone.