Bitcoin has been on a steady upward trend since the beginning of the month, raising expectations for a move to $120,000.
The positive momentum is backed by strong investor activities, with BTC holders showing new confidence. This combination of technical and fundamental strength provides a bullish signal to the market.
Bitcoin investors switch to buying
The latest data shows that Bitcoin accumulation reached its highest level in nearly two months. In the last 24 hours, investors have purchased over $2.67 billion in BTC and moved off the exchange.
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Historically, such exchange outflows suggest that investors plan to hold assets long term instead of seeking quick profits. The move shows emotional changes compared to the beginning of the quarter when sales pressure was pronounced.
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From a technical standpoint, the squeeze momentum indicator shows a bullish squeeze release of Bitcoin. Upward momentum releases often suggest that assets are gaining strength, setting a stage for expanding additional prices in the short term.
The development highlights Bitcoin’s resilience despite wider market volatility. The strengthened momentum will fuel the ongoing gatherings and enable assets to maintain bullish positioning.
BTC prices may pass through key barriers
Bitcoin is trading at $116,027 and has maintained a steady profit since the beginning of the month. However, Crypto King is currently facing resistance at $117,261. This is an important level of thwarting upward progress in recent sessions. Breaking this barrier is important for Bitcoin’s next move.
If Bitcoin could help reverse it by supporting $117,261, it could potentially raise towards $120,000 in the next few days. Strong purchasing pressure and favorable momentum indicators make this result very plausible.
However, if momentum is lost, it could create new sales pressure. If BTC falls through $115,000 support, the price will fall to $112,500, negating the bullish outlook.
