Is Bitcoin ready to break $119K? – What THIS macro indicator tells us

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.