BTC is consolidating in the range of 118,000 to 123,000. Can it continue to rise further?
1) On the order book, there is a super large sell order near 123,000, creating a historical volume. The pressure here should not be underestimated;
2) From the perspective of strength and weakness of long and short volume at the four-hour level, the bulls have been relatively strong recently, and the bearish volume has increased somewhat, but there has not been any strong movement;
3) Yesterday, the net outflow of ETF institutions was 97 million USD, which is not large compared to the net inflow of 1.1 billion.
Summary:
It is unrealistic for Bitcoin to continue rising to new highs in the short term. The super large sell order appearing near 123,000 on the order book cannot be digested all at once; it requires some time for consolidation.
Bitcoin will oscillate in the range of 118,000 to 123,000 for a few days before it can continue to break upwards and reach new highs. I still maintain my previous judgment: the target price for Bitcoin by the end of this year is between 150,000 and 160,000.
