Is Bitcoin ready to break $119K? – What THIS macro indicator tells us
Main Idea
Bitcoin's market is in a neutral phase with potential for a breakout or consolidation, as indicated by its heat index and realized profits, while large holder outflows and sell-side pressure suggest caution.
Key Points
1. Bitcoin's heat index at 44% indicates a neutral market phase, neither overheated nor undervalued.
2. Realized profits have declined to $1.4 billion but remain elevated, signaling continued profit-taking.
3. Large holder outflows surged by 178.67% over the last 7 days, while inflows increased by only 70.22%, suggesting potential distribution.
4. Bitcoin is hovering near $118,000, with resistance at $119.9K and support at $116.4K, while RSI shows waning bullish momentum.
5. Spot Taker CVD indicates dominant sell-side pressure, which may lead to a retest of lower support levels if trends persist.
Description
Will Bitcoin’s heat index cool further into a real accumulation phase?
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