#bullish ❓

$BTC Hits New Highs, Eyes $130K Amid Overheated Signals 🚀

Bitcoin ($BTC ) just smashed through a $100K-$110K range, hitting a new all-time high near $122K, per Glassnode’s July 16 report. Clearing dense cost-basis clusters at $93K-$97K and $104K-$110K, these zones now form potential support if momentum fades. 📉

With BTC above the 95th percentile cost basis ($107.4K), 95% of short-term holder (STH) supply is in profit—well above the 88% long-term mean. Historically, such overheated conditions signal profit-taking and potential demand exhaustion. 😓

After peaking at $122.6K, BTC retraced to $115.9K as investors sold into strength. The next resistance looms at the STH+2 band near $136K, with $130K as a key psychological target. 🎯

Traders, keep an eye on $104K-$110K for support and watch for signs of top-heavy conditions! ⚠️