In just 24 hours, Bitcoin fought a fierce psychological battle with the 120,000 dollar level, attempting to break through this legendary barrier four consecutive times without success. It was as if the price was whispering, 'I'm coming,' but the bears (short sellers) were ready each time, selling heavily as soon as they approached the peak!
120,000 dollars: the strongest psychological wall in the market.
What we are currently witnessing is not just traditional price resistance, but a solid psychological wall. This level has turned into a profit-taking point for many investors who preferred to cash in after the massive rises we've seen in recent months. This explains the repeated rejections at this barrier, four times in a single day.
Every upward attempt faces an immediate wave of selling, showing the market's state of anxiety and uncertainty, especially from whales and investment funds that are watching the situation cautiously.
Is the party over? Not yet!
Despite the temporary dominance of sellers, there are strong indicators suggesting that the battle is not yet over. Each time Bitcoin pulls back slightly, we notice spikes in buying volume, indicating that there is renewed institutional demand with every dip.
According to Coinglass data, Bitcoin spot ETFs are still recording consistent positive inflows, albeit at a slower pace than previous weeks; this is evidence that institutions are still betting on the long term.
At the same time, on-chain data shows that long-term Bitcoin holders – or what are known as 'hodlers' – have not started selling; instead, they continue to accumulate Bitcoin and reduce the available supply in the market.
The momentum is still alive… but!
Technically, the indicators remain positive: the Relative Strength Index (RSI) is still within a neutral-upward range and has not fallen below the 50 threshold. This means that the overall dynamics lean towards stability rather than collapse, and there is a significant possibility for momentum to return once some temporary selling pressures dissipate.
It's true that the bears scored points during these short rounds, but Bitcoin is not fighting a momentary battle; it is betting on the future. Once the storm calms down, we may witness a decisive breakthrough of this wall, paving the way for a new upward wave that could take us to unprecedented levels.
