Bitcoin Trading at $112,286 Amid Selling Pressure and Cycle Debate
Bitcoin is currently trading above $112,000 but facing increased selling pressure. Analysts are split on future movements, with some predicting another correction and others expecting consolidation before a major shift.
Key insights include:
- Long-term holders significantly influence market dynamics, especially when dormant BTC is moved.
- Spikes in Coin Days Destroyed (CDD) align with market tops and corrections, confirming the impact of long-term holders.
- The Value Days Destroyed (VDD) metric indicates potential easing of selling pressure as it approaches levels seen during past corrections.
Currently, Bitcoin's price is at $112,286 after a drop from a recent all-time high near $123,217. The price remains within a corrective structure, testing support and resistance levels.
Price action details include:
- The 50-day moving average acts as resistance near $115K.
- The 100-day moving average is close to current levels, serving as a pivot point.
- The 200-day moving average is lower at $101K, providing deeper structural support.
- Higher lows indicate cautious buying, but momentum is limited; a breakout above $115K is necessary for bullish sentiment.
