Bitcoin Hovers Over $115K as Sellers Ease; Accumulation Phase Likely
Bitcoin is stabilizing around $115,954, showing early signs of a bottoming process after some market turbulence. The cryptocurrency’s price action reflects gradual sell pressure relief, signaling an accumulation phase. Analysts believe strong players are taking advantage of the dip.
While the previous week showed a downturn of 2%, Bitcoin has gained a modest 3.4% in value. Recent trading activity picked up wiht a 46.7% jump in daily volumes to $45.1 billion.
The Sell-Side Risk Ratio fell below 0.1%, hinting at lower selling pressures. A key resistance level is $117K; a breakthrough could push prices toward the recent high of $124K. Analysts warn a failure to break through might lead Bitcoin back down towards $106K.
- Daily trading volumes and derivatives likewise surged, with caution seen in slight dips in open interest.
- CryptoQuant notes a surge in Bitcoin Scarcity Index on Binance, indicating thinner exchange supplies could signify a future price surge.
The daily chart reveals consolidation beneath the $117K barrier, trading near the upper Bollinger Band. Short-term trends remain bullish with supportive moving averages indicating robust undercurrents despite potential overbought signals.
Bitcoin’s price strength hinges on breaking past the $117K mark, setting a path back to $124K. A failure could see the price retreat to $112K or lower.
