Bitcoin has been besieged in a narrow range ranging from 115 thousand dollars and 120 thousand dollars during the past ten days, indicating a phase of price pressure. With bulls in the inability of the price on the resistance of $ 120,000, analysts are increasingly warning that the correction may be imminent. The coming days are expected to be decisive, as both the technical and chain basics indicate a possible increase in volatility.
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according to Data From Cryptoquant, a long-term main measure of the monthly cumulative days (CDD) has reached the annual CDD ratio-an abnormal high level of 0.25. This occurs within the price range from $ 106,000 to $ 118,000, a region that has seen a long -term activity. Historically, a similar CDD height was observed during the total peak of 2014 and the corrective stage 2019, both noticeable periods of intense market distribution.
This unusual behavior on the series reflects an increasing movement of long metal currencies, indicating that experienced holders may get profits at the current levels. Although this does not confirm an immediate reflection of the direction, it promotes the idea that the current Bitcoin unification is a critical turning point – that can lead to the renewal of the upward trend or lead to a deeper correction if the bulls fail to restore momentum soon.
Long -term holders begin to distribute, but the gathering is still intact
Senior analysts Axel Adler participated Visions Highlighting a major shift in the behavior of the Bitcoin Market: The sharp rise in the monthly CDD ratio indicates the annual CDD that long -term holders (LTHS) began to transport sleeping coins. Historically, these high CDD levels have periods of increased activity from experienced investors, which often indicates a distribution stage where profits are achieved after a long decade.
These nails are important because they indicate that the coins that have been held for years are now returning to the market. According to ADLER, this type of activity is not random – it usually comes from holders of knowledge of the deep market who get to know the potential transformation points. However, this does not necessarily mean that the gathering has ended. Although it may lead to a high -term rise in the upward waves and the progress of fluctuations, the current overall and institutional trends provide a strong budget.
The demand for the cabinet is still strong, and the ETF flows of Bitcoin are still flowing steadily, and it is a buffer against excessive declining pressure. This structural support is crucial in maintaining the overall bullish momentum, even when some distribution is revealed.
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Less than 120,000 dollars continues to be resistant
Bitcoin (BTC) continues to integrate in a narrow range, as shown in the graph for 12 hours. The price procedure remains compressed between the main support of $ 115,724 and the resistance level is 122,077 dollars. After a strong rush earlier this month, the momentum was clearly cooled, with BTC now swinging inside this horizontal channel for more than 10 days.
It is worth noting that the price is currently hovering approximately $ 118,500-around the moving average of 50 (blue), which has been a dynamic support since early July. The moving averages of 100 kilometers (green) and 200 liters (red) remain much lower than the current price, indicating that the broader trend is still optimistic despite the stopping of upward movement.
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However, the volume decreased steadily during this monotheism, indicating the possible frequency and lack of condemnation between buyers at the current levels. The collapse of more than 122,000 dollars may lead to the regeneration of the bullish momentum, which opens the door to run towards its highest new levels, while the collapse of less than $ 115,700 would expose BTC to deeper alternative replacement levels, targeting 100 mAh near 109,800 dollars.
Distinctive image from Dall-E, the tradingView graph
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