BTC 117000 Life and Death Battle, Hidden Trend Change Signals in the Chart!
Bitcoin has recently been fluctuating around the 117-120 range, with the 4-hour K-line rebounding multiple times after testing the 117 support level, but the 123 resistance level is like an insurmountable barrier, with three upward attempts ending in long upper shadows.
Trading volume has shrunk after failed breakouts, and the MACD red bars have shortened while the RSI has fallen from the overbought zone, indicating a weakening bullish momentum.
The miners' hash rate continues to reach new highs, but over $200 million net outflow from spot ETFs yesterday indicates a rising cautious sentiment among institutions.
Combining this with the cooling expectations of the Federal Reserve's interest rate cuts in 2025, there is a need to be vigilant about the potential chain selling pressure if 117 is lost.
Currently, BTC is at a "bull-bear watershed"; if it can hold above 117, along with the return of ETF funds, there is hope for a resumption of the upward trend; if it breaks below, it may retest 110.
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