Could Bitcoin (BTC) Be Forming a New Base Below $120K Amid Weak Buy-Side Interest?

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.