Bitcoin Surpasses $115K Resistance: Is a Move Toward $118K Possible Amid Mixed On-Chain Signals?
Main Idea
Bitcoin has surpassed the $115K resistance level and is targeting $118K, but mixed on-chain data and fluctuating demand suggest caution is needed for sustained upward movement.
Key Points
1. Bitcoin recently broke above $115K and is currently hovering around $116,377, aiming for $118K.
2. Over 120,000 BTC were acquired between $112K and $114K, indicating opportunistic accumulation.
3. On-chain activity remains inconsistent, with recent figures dropping to 131K and 219K, raising concerns about sustainability.
4. A positive Spot Netflow of $33.25 million was recorded on August 7th, breaking a months-long pattern of outflows, but not all inflows are necessarily bullish.
5. Sustained hold above $115K and stronger user participation are crucial for Bitcoin to move toward $118K and beyond.
Description
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