Could Bitcoin (BTC) Be Forming a New Base Below $120K Amid Weak Buy-Side Interest?
Main Idea
Bitcoin (BTC) is testing key support levels around $110K-$119K, indicating potential bottom formation, but weak buy-side commitment raises concerns about sustained bullish momentum.
Key Points
1. Bitcoin's recent dip has created a liquidity cluster at $114.5K, suggesting possible bullish momentum if support holds.
2. BTC's 10% Bid-Ask Ratio on Binance Spot shows weak buyer interest, with the ratio at -0.208, below the 24-hour average of -0.27.
3. Historically, BTC has formed higher lows, with past bases around $77K and $105K-$109K leading to rallies, suggesting a similar pattern may emerge now.
4. The current base-building phase lacks strong buy-side volume compared to previous phases, indicating cautious investor sentiment.
5. A sweep of the $114.5K liquidity level could reinforce support, but without stronger buyer participation, upward moves may lack sustainability.
Description
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