Bitcoin Profit-Taking Patterns May Indicate Potential Local Bottom Near $117,500, Analysis Suggests

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.