Bitcoin’s $120K resistance triggers early sell signals
Main Idea
Bitcoin faces resistance near the $120K mark as long-term holders begin taking profits, with institutional moves like Galaxy Digital's sale indicating cautious sentiment, though the pullback remains mild for now.
Key Points
1. Bitcoin is encountering resistance at the $120K level, prompting profit-taking by long-term holders.
2. Galaxy Digital's sale of 80,000 BTC adds sell-side pressure, suggesting institutional caution rather than retail-driven activity.
3. Bitcoin's 7-day Aggregated Open Interest Delta has turned negative, indicating selective profit-taking but not a full exit.
4. Momentum shows signs of cooling with RSI at 59 and OBV flattening, but the price remains near all-time highs.
5. The current pullback appears more like a reshuffling tactic than a mass exit, though further whale activity could shift the narrative.
Description
With whales like Galaxy Digital selling, momentum shows signs of fatigue.
Latest News
- XRP’s $2.46B Open Interest flush sets stage for bullish rebound2025-07-30 17:07:43
- XDC jumps 11% as volume surges – Can it break $0.115 next?2025-07-30 15:15:25
- ‘It’s a new day’: SEC approves in-kind redemptions for spot Bitcoin, Ethereum ETFs2025-07-30 13:24:20
- MARA Holdings sees 64% growth, posts record $238.5M in Q2 revenue!2025-07-30 12:08:56
- Solana longs surge 91%, but can SOL’s price stay above $180?2025-07-30 11:50:30