Bitcoin Eyes $114K as Price Battles Key Daily Resistance Near $110,200: Will It Give the Big Breakthrough?
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Bitcoin is trying to test some main technical levels, as demand is growing. BTC is currently testing the resistance zone of $110,200, a crucial level that could determine the continuation of the rally.
Any close higher than this daily would reinforce this strength and indicate that more uptrend is taking place. The lagging span, an element of the Ichimoku indicator, is currently facing pressure, which indicates positive stress but only marks the beginning of continuity.
When Bitcoin breaks through, the close will be approximately at the point of about $114,000.
Volume Runs High as Whales Pile Up
The 24-hour volume has surged much higher, at 58.89 billion, and it is up 69.6%. The 50-day EMA is now at $109,400, which is a strong support.
On-chain analytics indicate that every time the market dips, whales acquire additional Bitcoin, and retail traders are selling them. This split between small and large investors points to the increasing institutional belief in the midst of the broader market uncertainty.
Its long/short ratio currently stands at 1.41, which is the result of long positions in the market. Analysts consider this an indicator of stable confidence among high-value traders who are holding onto potential gains.
Bitcoin ETF Outflows Fail to Dent Bullish Sentiment
U.S. listed spot Bitcoin ETFs, despite the positive on-chain indicators, saw the second-largest weekly outflow of $1.23 billion since their inception.
Some of the analysts described the withdrawals in terms of a declining investor appetite, but others indicated that it is a sign of short-term profit-taking by Bitcoin after the market recorded highs.
The data that underlies all this, however, tells a different story: supply is running out of exchanges, and long-term holders are not being much impacted by short-term fluctuation.
The recent increase in on-chain activity, along with lower amounts of Bitcoin on exchanges and strong support in key areas, suggests that the market is stabilizing and may be ready for a breakout.
In case Bitcoin is able to move out above the new high of $110,200, the market has a high probability that the momentum will gain strength toward $114,000, and the bulls will resume their complete momentum.
Until then, all market participants will view the daily close as the key to unlocking Bitcoin’s next significant move.
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