Bitcoin has been on an active upward trend since the beginning of the month, steadily climbing to higher levels of resistance.
However, once investors begin to show signs of caution, momentum can be tested immediately. Short-term changes in emotions could weaken Bitcoin’s grip against $115,000 in support.
Bitcoin holders will be moved to sales
The distribution among bitcoin holders emphasizes that sales pressures remain an important factor in the market. Most investor cohorts are below the 0.5 threshold, suggesting a limited appetite for accumulation. This keeps the broader sentiment in line with the distribution, where investors prioritize securing profits rather than building positions.
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At the same time, the group of Bitcoin holders does not exhibit accumulation levels above 0.8. This is usually a threshold for conviction-driven purchases. Without a strong influx from long-term investors and whales, the market remains trapped in a neutral to distributed administration, limiting the possibility of a critical breakout.
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From a technical standpoint, Bitcoin’s momentum is beginning to show a subtle crack. The relative strength index (RSI) that has recently been hovered over bullish territory now shows a slight dip. The indicators support an uptrend, but this soft drop indicates that it fades strength among buyers.
If the RSI continues to weaken, Bitcoin may face a short-term pullback before regaining traction. Traders often interpret this as a sign that bullish momentum is being cooled, opening doors for a temporary price drop. For BTC, this means retesting lower support before another push gets higher.
BTC prices may bounce back
Bitcoin is trading at $114,770, below the $115,000 support level for the process. If bearish feelings continue, BTC could drop even further, potentially testing the uptrend line that has been supporting the uptrend since the beginning of the month. This marks a key point for investors.
If sales pressures intensify, Bitcoin can hold $115,000 in support and have a hard time sliding to $112,500. This represents a significant setback, reinforcing the ongoing distribution stage observed among holders, and limiting the possibility of short-term rise in BTC.
Meanwhile, if Bitcoin absorbs sales pressure and regains momentum, it could regain $115,000 as support could trigger another rally. In this case, BTC will target $117,261 in the coming days, reaffirming its bullish outlook and strengthening investor trust.
