🤔 What Will It Take for a New Bitcoin All-Time High? 📈
Bitcoin is currently at a critical inflection point ⚡, facing its most significant hurdle at the $119,000–$120,500 resistance zone 🧱. For a rally into price discovery to begin, BTC must decisively break and hold above this key level.
From a technical standpoint, the outlook is optimistic 👍. Bulls have secured a notable victory with a confirmed breakout from a falling wedge pattern on the 4-hour chart, a classic signal of upward momentum. 🐂
However, on-chain data reveals a crucial missing ingredient: volume 📉. Spot trading volume has declined, and net spot buying (CVD) remains negative, indicating that strong buyer conviction has not yet arrived. As analytics firm Glassnode notes, the market is in a "wait-and-see mode." 👀
Ultimately, the formula for a new all-time high is clear 💡: the existing technical momentum needs to be fueled by a significant surge in volume 🔥 to break the $120K barrier. Without it, Bitcoin may remain in consolidation. The market is primed, but it is now waiting for buyers to make the decisive move. 🙏
Disclaimer: This content is for informational purposes only and should not be construed as financial advice.