#BTCReclaims120K
BTC Reclaims Path to $120K
Bitcoin (BTC) is eyeing $120K after reclaiming key technical levels. Here's what's happening:
- *Current Price*: BTC is trading at $121,858.17, up 2.64% .
- *Bullish Signals*: Analysts say BTC reclaiming the 50-day EMA could trigger a rally toward $120,000. Rising cumulative volume delta (CVD) spot indicator signals strong spot demand for BTC ¹ ².
- *Key Levels*:
- *Resistance*: $118,616 and major resistance at $120,000.
- *Support*: $116,673 (200-day SMA) and $112,142 – $111,350.
What's Driving BTC's Momentum?
- *Reduced Selling Pressure*: Bitcoin inflows on Binance have dropped to 5,147 BTC, less than half of previous bear market levels, suggesting reduced short-term selling pressure.
- *ETF Flows*: Despite ETH-spot ETFs seeing $461M weekly inflows surpassing BTC ETFs' $253M, BTC holds above $115K support ² ³.
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