Bitcoin Surges Above $120,000 Amid Positive On-Chain Data Insights
Bitcoin is trading above $120,000, nearing its all-time high of over $123,000, following a 5.1% increase in the past week.
- On-chain data from TRON's USDT transfers suggests current market behavior.
- Large transactions, especially those over $10 million, often indicate profit-taking in Bitcoin.
- Recent analysis shows no significant large-scale USDT transfers, indicating major holders are not selling.
- A shift to smaller retail orders has been observed, while whale-driven trades have decreased.
- This may suggest larger investors are holding or waiting for better conditions before increasing volume.
- The absence of whale distribution phases could lead to a potential bullish breakout above Bitcoin's previous all-time high.
