Bitcoin recovered the $120,000 mark, signaling the crypto king to the highest ever.
The sharp rise in prices reflects improved investors’ sentiment as fresh capital flows into the market. Medium-sized owners and ETF inflows seem to play an important role.
Bitcoin has strong support
Trend accumulation scores highlight significant changes in market conditions. Medium-sized Bitcoin holders have a strong accumulation, offsetting the ongoing sales by large entities. This fresh wave of demand shows structural support for BTC’s current uptrends, creating a more stable foundation for future profits.
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The distribution of whales has slowed down, but the fewer investors remain largely neutral. This balance reduces the risk of aggressive sales and enhances market resilience. Changes in investor behavior suggest a healthier environment for Bitcoin growth.
Net position changes for long-term holders (3D) shifted to neutral after several months of mass distribution. This suggests that profit gains from long-term holders have been cooled down, reducing their vulnerability to sharp sales pressures in the market. Reducing distribution is an encouraged indication of sustained price intensity.
With reduced supply pressure, external factors such as ETF inflows and institutional demand could take the lead as they gain momentum. If these influxes are consistent, they will continue the rally and provide Bitcoin with the support they need to challenge the highest ever before.
BTC prices are high
At the time of writing, Bitcoin is trading at $120,290 and is trying to secure $120,000 as a support floor. Holding this level is important to maintain momentum and prevent short-term reversals.
The immediate challenge for BTC is $122,000, which exists as a final resistance beyond the all-time high of $124,474. A successful breakout that crosses this barrier opens the door for Bitcoin to chart new ATHs and strengthens bullish beliefs across the market.
However, if the market conditions weaken and sales pressure rises, Bitcoin risks losing $120,000 in support. In such a scenario, the price could slip to $117,261. This will override bullish papers and inform you of a temporary pause at the meeting.
