Bitcoin prices to $111K? – THESE indicators flash warning signs
Main Idea
Bitcoin's price is fluctuating near $118K, with indicators suggesting potential short-term corrections or further gains depending on key resistance levels and whale activity.
Key Points
1. Bitcoin was trading just under $118K after a 4.24% dip from its all-time high of $123,091, with social media engagement turning bearish.
2. The exchange whale ratio was at 0.52, with its 30-day Moving Average rising since May; historically, readings of 0.5 suggest short-term corrections.
3. Key resistance at $118K is a battleground; a sustained move above it could push Bitcoin to $122K-$124K, while failure to reclaim it may lead to further declines.
4. Liquidity clusters at $113.2K and $121.8K were noted, with a move higher appearing likely at the time of writing.
5. Long liquidations exacerbated recent losses, driving prices to $115K, with $111K-$112K seen as an attractive zone for price gravitation.
Description
The $118k level was a key battleground in the short-term, and the rising whale ratio could be an early warning of a deeper price dip.
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