Bitcoin Shows Reduced Selling Pressure and Holds Support, Awaiting Potential Breakout Above $120,000

Key Points

1. Bitcoin’s taker sell volume has dropped by 93% since July 25, from $17.8 billion to $1.2 billion, signaling reduced bearish pressure.

2. Net Unrealized Profit/Loss (NUPL) peaks coincide with profit-taking at the $119K-$120K resistance zone, acting as a psychological barrier.

3. Bitcoin price remains above critical support levels of $117,000 and $118,000, with strong resistance at $120,000.

4. A breakout above $120,000 could propel BTC toward $122,000, while a drop below $117,000 risks a bearish shift targeting $114,000.

5. Declining taker sell volume and stable NUPL suggest potential for price stabilization or upward movement.