Analysis of Bitcoin Value: A Key Level Must Be Surpassed for BTC to Soar to $120,000

Bitcoin is inching towards its all-time high of $111K, but its momentum seems to be slowing down due to persistent profit-taking and increased selling pressure. This situation has created a subdued volatility in recent sessions. However, the current consolidation phase under $111K could potentially act as a springboard for a price breakout, especially if there is new market demand.

Conversely, if the price fails to surpass this level, another rejection may occur, likely pulling Bitcoin back towards the $100K support. Long-term holders, who have held their coins for over three years, have been the main contributors to the ongoing selling pressure. If these holders start to reduce their selling and new demand enters the market, Bitcoin could break the $111K barrier, potentially triggering a short-squeeze and paving the way for further price exploration.