Bitcoin’s $120K resistance triggers early sell signals

Key Takeaways

Bitcoin is dealing with resistance close to the $120K mark as long-term holders start to take earnings. Whereas the pullback continues to be gentle, massive institutional strikes trace at a cautious shift in sentiment.

Bitcoin’s [BTC] march is encountering its first actual take a look at.

As costs hover close to the psychological $120K mark, long-term holders have begun to take chips off the desk. Latest knowledge exhibits a shift into web promoting territory.

Whereas Open Curiosity stays largely intact, a slight dip hints at early-stage repositioning.

Revenue taking begins at $120K

On-chain data shows long-term Bitcoin holders shifting into web promoting territory simply as BTC hits the $120K mark.

Whereas the decline is modest for now, the reversal within the 30-day Internet Place Change suggests early-stage distribution.

Supply: CryptoQuant

The set off is probably going a mixture of revenue realization and institutional rebalancing.

Notably, Galaxy Digital’s reported sale of 80,000 BTC provides weight to the sell-side strain, so this isn’t a retail-driven shakeout.

For now, it seems extra like a reshuffling tactic than a mass exit, but when extra whales take part, the narrative might rapidly shift.

Open Curiosity pulls again

Bitcoin’s 7-day Aggregated Open Curiosity Delta has dipped into detrimental territory once more, however the transfer lacks the rate of a full-blown exit.

The gentle decline suggests a partial unwind, seemingly massive gamers trimming publicity or closing positions after a robust run.

Supply: Alphractal

Fairly than a bearish shift, this resembles a strategic breather. With value nonetheless holding close to the ATH, the information factors to selective profit-taking.

Momentum cools, however bulls nonetheless maintain the road

Bitcoin was consolidating slightly below $120K at press time, exhibiting indicators of a short lived pause quite than a breakdown.

The RSI was at 59 — cooling off from overbought territory however not but hinting at weak spot.

Supply: TradingView

In the meantime, the OBV has flattened round 1.76 million, a stall in recent shopping for strain. Regardless of the indecision, value motion stays steady, with no aggressive promote candles.

For now, bulls seem like defending features whereas awaiting a catalyst, however with out rising quantity, upside momentum might keep capped.