Bitcoin Enters Battleground at $110,000-$115,000 Amid Market Uncertainty
Bitcoin's Critical Price Battleground
- Bitcoin is in a crucial price range between $110,000 and $115,000, which could decide its future trend.
- Recently, spot demand has been weak due to US-China trade tensions but showed signs of recovery as tensions eased.
- Without sustained demand, Bitcoin risks another decline. If demand holds and momentum increases, Bitcoin may progress further.
- Trader Sykodelic predicts Bitcoin will reach an All-Time High by month-end, despite current market uncertainty and fear.
- The 4-hour 50-period Simple Moving Average (SMA) indicates potential upward movement if Bitcoin maintains support above this level.
Supply Dynamics Affecting the Market
- A supply tug-of-war exists between long-term holders selling and institutions buying through Spot ETFs and Digital Asset Treasuries (DATs).
- Treasury holdings have exceeded $120 billion, with strong institutional demand evident despite ongoing long-term holder sales.
- This situation is not bearish but suggests limited upside until selling pressure diminishes and accumulation resumes.
