š BTC Update: Bullish Momentum Continues! š
Bitcoin is holding strong above key support levels, showing resilience despite some profit-taking in the short term.
Key Highlights:
* Price Action: $BTC is currently trading around $108,000-$109,000 after reaching a new all-time high recently. While it experienced a slight dip, major technical indicators suggest the overall bullish trend remains intact.
* On-chain Data: Realized profits are at normal levels for a bull market, indicating that current profit-taking is healthy and not a sign of a market top.
* Strong Support: On-chain analytics show a massive accumulation zone around the $94,000 level, acting as a robust support for BTC.
* Technical Outlook: Bitcoin is in a rising trend channel in both the short and medium term, signaling continued investor optimism. Technical analysis also shows a positive volume balance, reinforcing the upward trend.
What to Watch:
* Keep an eye on the $108K-$110K range for immediate support and resistance.
* The $115K psychological level is the next immediate resistance to watch for upward momentum.
Stay informed, trade wisely!