Bitcoin remains close to $115,000 as traders await a breakout above the resistance of $115,500. This breakout could indicate a move towards $120,000-$126,000 or a new test of the support at $114,000.

Short-term holders have reduced profit-taking activity, with 70% of their supply remaining in profit. This suggests a cooling period after aggressive trading near Bitcoin's all-time high of $123,000.

On-chain data reveals persistent accumulation signals, as BTC outflows from exchanges since late 2024 suggest purchases by long-term and institutional holders, despite tightened liquidity conditions.

Technical analysis indicates that Bitcoin is at a crucial point. RSI indicators on shorter timeframes are below 50, and key moving averages at $115,100 and $108,100 act as resistance and support levels, respectively.

Glassnode has identified a price range of $110,000 to $116,000 as a “liquidity gap.” This gap could prolong market consolidation as investors await clarity on market direction before any significant movement.