Bitcoin Approaches $120,000 Threshold

Market Status

• Current Price: $118,568, 24-hour Change: +1.54%, Market Cap Stable at $2.36 Trillion

• Bollinger Bands Indicator is narrowing, suggesting a potential breakout may be imminent

• Significant capital flow is heavily biased towards buying, with a buying peak of $27.07 Million, far exceeding the selling peak of $14.04 Million

Core Driving Factors

• UK FCA announced the lifting of the ban on retail crypto ETNs starting October 8, improving the regulatory environment

• Institutional Support: Harvard ETF's cost basis ($116,700) coincides with the technical support level ($116,359)

• Supply Tightening: Over-the-counter trading reserves have dropped to a historic low of 155,000 coins

• MicroStrategy has increased its holdings by 180,000 coins this year, signaling long-term optimism

Trading Strategy Recommendations

• Watch Resistance Zone: $120,800-$123,000; consider going long after a breakout

• Support Level Protection: Consider adding positions if a pullback occurs to the $116,359 area

• Note Risks: Coin-based long-short ratio is 59.84% bullish, while the U-based contract ratio of 0.44 shows divergence in speculative funds $BTC $ETH #以太坊生态回暖 #美联储比特币储备