Assessing Bitcoin's Value: Will BTC Reach $120K or $110K Next?

Bitcoin's value is consolidating above $116K, following a pullback from its all-time high of $123K, with bulls attempting to defend vital support levels. However, recent price action shows uncertainty amid rising macroeconomic tensions and mixed risk sentiment, and Bitcoin's next major move could be influenced by essential technical levels. Following a drop from $123K, Bitcoin has broken from its ascending channel, raising concerns of deeper corrections.

Current attempts are being made to hold the price above the 100-day moving average near the $110K support level. If a bearish shift occurs, the next high-confluence zone is around the significant $100K level. Furthermore, the Exchange Whale Ratio, which usually indicates distribution events or significant profit-taking, has been steadily increasing, suggesting whales might be preparing to sell.