Bitcoin continues to trade in a narrow range, awaiting a breakout at the $116.5K level. Key support and resistance levels are in focus for traders.
Bullish Pattern and Its Outlook
Despite short-term pressure, Bitcoin holds a bullish falling wedge pattern. Some market participants are confident that the pattern remains intact, which often leads to an upside breakout.
Key Resistance and $116.5K Level
Technical analysts highlight the $116,500 mark as an important reference point. If bulls regain control above this level, a move towards $118,000 and beyond could ensue. Otherwise, traders anticipate possible weakness and further testing of lower levels.
Continued Whale Accumulation
According to a report from Santiment, wallets holding between 10 and 10,000 BTC have accumulated over 218,000 BTC since March, raising their share to 68.44% of total Bitcoin supply. This behavior may indicate growing long-term interest from investors.
The ongoing accumulation by large holders and the bullish market structure presents interesting prospects for Bitcoin. The upcoming trading days may reveal further dynamics related to the $116.5K level.
