Bitcoin’s Momentum: What’s Next Beyond $116.5K?
Bitcoin [BTC], the leading cryptocurrency, has once again become the focal point of investors as it makes another attempt to break past its $116.5K resistance level. With the recent market movements, the question on everyone’s mind is: will crossing this milestone signify a long-term bullish trend or another short-term cycle?
Market Overview: Confidence Among Long-Term Holders
Despite stalled momentum over the weekend, BTC is showing renewed energy as it pushes toward its local high of $116.6K. Notably, Bitcoin’s Percent Supply in Profit currently stands at an impressive 92%. This figure underscores a predominantly bullish market, even as retail investors dominate recent movements.
Long-term holders have found reason to stay optimistic. The declining intensity of profit-taking—down from 48,000 BTC in past peaks to recent highs of 23,000 BTC—signals reduced selling pressure, a positive sign for steady market growth. The evidence suggests that whales, often key movers during major trends, are not yet driving the market. Their potential involvement could be the catalyst for a significant uptrend in the coming months.
Technical Indicators: Strong Buyer Momentum
According to crypto analyst Axel Adler Jr., Bitcoin’s trajectory remains bullish. Utilizing tools like the 21-day Donchian channel, key resistance is marked at $116.4K, with robust support at $107.5K. The current push against the upper boundary of the channel reflects strong buyer confidence, while a +0.6 composite signal highlights upward momentum.
For BTC to confirm a breakout, it will need to decisively cross and maintain a price above $116.5K. While a minor reversal toward $113.9K is possible, sustained buyer interest could drive prices higher in the near term.
Products to Enhance Crypto Portfolio Management
Managing cryptocurrency investments effectively requires the right tools. Platforms like Ledger, offer secure hardware wallets to protect your BTC and other assets. Their Ledger Nano X, popular for its advanced security and ease of use, is a must-have for both active traders and long-term holders. Learn more here.
The Bigger Picture
As the crypto market evolves, so do the dynamics driving Bitcoin’s price action. The fading sell-off intensity suggests growing confidence in BTC as a long-term investment, even amidst periodic cycles of volatility. With strong market indicators and bullish signals in play, all eyes are on Bitcoin’s next move.
Stay informed and make well-researched decisions before diving into the crypto market. The journey to $116.5K and beyond could shape the future of Bitcoin for the months to come.
