Bitcoin Consolidates Above $115K Amid Easing Sell Pressure
Bitcoin’s price action reveals a fascinating trend after September’s tumultuous start.Currently,it hovers slightly above $115,954,indicating a minor dip of 0.5% from the previous day.
Analysts like Ali Martinez note significant changes in the Sell-Side Risk Ratio, which fell below 0.1%. Historically, this ratio signifies a slowing in sell pressure and potential accumulation by strong investors.
The $117K mark stands as a critical resistance, with a breakout paving the way to fresh highs around $124K. Though, failing to breach this coudl lead to revisiting lower support levels.
- Weekly Bitcoin prices range from $110,870 to $116,705.
- Despite being 2% down over the past month, it’s up 3.4% weekly.
- Daily trading volumes surged by 46.7% to $45.1 billion.
Arab Chain points to the Bitcoin Scarcity Index rising sharply on Binance, hinting at reduced sell orders and a phase of accumulation. A sustained positive reading confirms this theory.
On the technical front, Bitcoin trades near the upper Bollinger Band with supportive moving averages. Indicators like Momentum and MACD signal short-term bullishness, albeit with caution due to overbought conditions.
while resistance at $117K remains pivotal for further gains, downward support at $112,244 and $106,963 looms large if the price falters.
