Bitcoin is experiencing fluctuations amid strong resistance at the $111K level, indicating a possible impending correction or consolidation.
Technical Analysis
Recent trading in Bitcoin shows signs of bullish rally exhaustion, struggling to reclaim the $111K mark. The current price is consolidating within a range between the all-time high and a significant fair value gap between $103K and $104K, creating a potential for further pullbacks; however, this zone may also serve as support for another upward attempt.
Sentiment Analysis
Over the past 45 days, there has been a significant focus on sell-side activity by users on Binance Derivatives, yet Bitcoin remains range-bound between $100K and $110K. The Cumulative Volume Delta (CVD) shows a negative trend, indicating a dominance of aggressive selling. Despite this, the price's stability suggests a potential accumulation phase by large investors.
Conclusion
The current market situation for Bitcoin highlights potential pullback risks unless further accumulation occurs within the specified price range. Depending on whether this structure holds, the chances of a bullish breakout may increase.
Current endeavors in the Bitcoin market illustrate uncertainty in the short term, necessitating attention to price dynamics and trading volumes.
