While many expected a prolonged consolidation, Bitcoin surprises with stronger momentum than anticipated. Long-term holders show unwavering confidence, with technical indicators sending mixed signals. The scenario of a quick return to $110,000 has never seemed more credible.
Recently, more than $3 billion in realized gains were liquidated in the Bitcoin market. Consequently, this triggered an intraday decline of 1.9% to $114,707. This wave of profit-taking comes after a period of strong profitability. It raises questions about the strength of current support.
Bitcoin is currently testing a key level at $116,963. This represents a significant average cost zone for the cryptocurrency. If this barrier is breached, a return to $110,000 could quickly materialize, with major implications for investors.
Bitcoin’s Accumulation Trend Score has recently dropped, falling from 0.57 to 0.20 in less than a week. This decline suggests a slowdown in cryptocurrency accumulation, even at reduced price levels, which could impact future movements.
The current pullback in Bitcoin prices is largely explained by a supply and demand imbalance in the market. With macroeconomic signals indicating possible monetary tightening, the community is now waiting to see if Bitcoin will manage to hold the $110,000 level.
Despite recent selling pressure, a return of Bitcoin to $110,000 seems likely in the near future. The current consolidation marks a crucial period for investors, who should carefully monitor the market’s next movements. Staying informed and prepared for developments in the sector remains essential for any crypto participant.
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