Bitcoin Profit-Taking Patterns May Indicate Potential Local Bottom Near $117,500, Analysis Suggests
Main Idea
Bitcoin's recent exchange inflows from short-term holders and a key support level at $117,500 suggest a potential local bottom, supported by increased trading volumes.
Key Points
1. Short-term holders (STHs) are driving increased Bitcoin exchange inflows, a sign of profit-taking that often precedes a local price bottom.
2. Binance's order book shows a significant bid cluster at $117,500, acting as a key support level for BTC.
3. Trading volumes on Binance and other exchanges like Crypto.com and Coinbase have risen, indicating heightened market activity.
4. The interplay between profit-taking and strong bid interest around $117,500 may signal price stability and a potential local bottom.
5. Market participants should monitor exchange inflows, order book liquidity, and volume trends to assess the sustainability of the current support level.
Description
Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! Bitcoin’s recent price
Latest News
- UAE Yacht Maker Gulf Craft Explores Accepting USDT Stablecoin Payments Amid Growing Crypto Adoption2025-07-23 22:46:48
- Ether Could See Increased Institutional Demand Amid New US Crypto Laws and Potential Staking ETFs2025-07-23 22:46:29
- Roman Storm’s Tornado Cash Trial Sees IRS Testimony Suggesting Possible Control Over Funds2025-07-23 22:29:39
- BitMEX Founder Arthur Hayes Suggests Ethereum Could Potentially Reach $10,000 This Year2025-07-23 22:29:24
- FTX Recovery Trust Sets August 15 Record Date for Potential Next Creditor Distribution2025-07-23 22:28:15