There is a large amount of liquidity selling pressure between 119000 and 120000, which needs to be gradually digested before a breakthrough is possible. Currently, we are using time to exchange for space during this consolidation period.
If the prolonged consolidation weakens later, it may reach around 112000, where there will be strong support for the market. Once it reaches this area, it will be a great entry opportunity, perhaps similar to the previous drop near 100000 when BTC fell to around 98000 and then quickly recovered.
In a consolidating market, we can only wait for entry opportunities. If the target is reached, we act; if not, we will have to wait for the market to restart to build positions on the right side.
