财经少华
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Bitcoin's $120,000 Resistance Triggers Early Sell Signals
As long-term holders begin to take profits, Bitcoin faces resistance around $120,000. Although the pullback remains mild, large movements from institutional investors suggest that market sentiment is cautiously shifting.
As prices hover around the psychological level of $120,000, long-term holders have started to sell off their positions. Recent data shows that the market has shifted into a net selling region. Although open interest has remained largely unchanged, a slight decline indicates early repositioning.
On-chain data shows that when BTC reaches the $120,000 mark, long-term Bitcoin holders transition into a net selling zone. While the current drop is not significant, the reversal of the 30-day net position change indicates early distribution. The triggering factors may be a combination of profit-taking and institutional rebalancing.
The mild decline suggests some profit-taking, possibly from large players reducing exposure or closing positions after a strong rally. Rather than a bearish signal, it could be viewed as a strategic breather. Given that prices remain near historical highs, data indicates the market is selectively taking profits.
Momentum has cooled, but bulls still dominate; currently, Bitcoin's price is slightly below $120,000, showing signs of a temporary pause rather than a collapse. Technically, the RSI is at 59 — pulling back from the overbought region but not yet indicating weakness. Meanwhile, OBV remains flat around 1.76 million, with new buying pressure stagnating. Despite market indecision, price movements remain stable without aggressive selling.
Currently, bulls seem to be defending the upward trend while waiting for a catalyst, but without an increase in volume, upward momentum may be constrained.
#BTC
As long-term holders begin to take profits, Bitcoin faces resistance around $120,000. Although the pullback remains mild, large movements from institutional investors suggest that market sentiment is cautiously shifting.
As prices hover around the psychological level of $120,000, long-term holders have started to sell off their positions. Recent data shows that the market has shifted into a net selling region. Although open interest has remained largely unchanged, a slight decline indicates early repositioning.
On-chain data shows that when BTC reaches the $120,000 mark, long-term Bitcoin holders transition into a net selling zone. While the current drop is not significant, the reversal of the 30-day net position change indicates early distribution. The triggering factors may be a combination of profit-taking and institutional rebalancing.
The mild decline suggests some profit-taking, possibly from large players reducing exposure or closing positions after a strong rally. Rather than a bearish signal, it could be viewed as a strategic breather. Given that prices remain near historical highs, data indicates the market is selectively taking profits.
Momentum has cooled, but bulls still dominate; currently, Bitcoin's price is slightly below $120,000, showing signs of a temporary pause rather than a collapse. Technically, the RSI is at 59 — pulling back from the overbought region but not yet indicating weakness. Meanwhile, OBV remains flat around 1.76 million, with new buying pressure stagnating. Despite market indecision, price movements remain stable without aggressive selling.
Currently, bulls seem to be defending the upward trend while waiting for a catalyst, but without an increase in volume, upward momentum may be constrained.
#BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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