Key points:
-
Not recovering $ 120,000 could cause trouble for Bitcoin bulls.
-
The whales seem to unload the local heights, creating other obstacles upwards.
-
The short -term holder cost bases have local support lines of support.
Bitcoin (BTC) gave up attempts to break $ 120,000 at Wall Street Open on Tuesday while traders remained divided on market strength.
Bitcoin Sparks low price less than $ 110,000 targets
Cointelegraph Markets Pro and TradingView data have shown that BTC / USD reviving below $ 117,500, now under its daily opening.
The pair had managed to reach $ 119,000 earlier in the day, despite signs of new BTC sales by the active manager Galaxy Digital.
American sellers then intervened and commenting on the current market configuration, many traders warned that any disadvantage could quickly make snowball.
$ BTC Thinking that we have about to start wave C here at $ 111,000 https://t.co/2noep8dkch pic.twitter.com/mef2wskqfd
– Bigmike7335 (@Michael_ewpro) July 29, 2025
“We have Bear divs, everyone expects that we would have more meaning before a potential movement above,” wrote the popular novel trader in a part of his latest analysis on X, after giving a drop of $ 108,000.
Commercial resource materials indicators have also seen the potential of new stockings, warning that whales distributed.
“If $ 116,750 does not hold, the fork of $ 110,000 can concentrate rapidly,” he told X subscribers on Monday.
“Seems to be a clean tap developing on $ BTC here,” added Trader Credible Crypto, describing the area around $ 15,700 as the key to hold.
The profit taking always offers “very positive signs”
Tuesday’s US job offers helped strengthen the bull case for risk assets and crypto.
In relation: “ The biggest trade agreement of all time ” – 5 things to know in Bitcoin this week
In one of his blog articles “Quicktake”, the Cryptochant’s analysis platform has also pointed out the improvement of consumer confidence data as a reason for optimism.
“The data of Jolts of today, coming slightly below expectations, have provided a signal” not too hot, not too cold “for the markets. This creates a positive environment for risk assets,” he summed up.
“In addition, the best than expected, consumer confidence data indicates a reversal after a drop of 6 months, showing an increasing optimism of investors about the future.”
Cryp October argued that the BTC price has remained intact for the future, thanks to an overall lack of pressure on the sale.
“Even if the price is approaching the level of $ 120,000, we do not see a massive event to make profit on the net table carried out and loss (NRPL) which could report a summit,” he continued.
“It is a very positive sign.
Cryptocal argued that the cost base of various cohorts of short -term holders (STH) should operate as support in the event of withdrawal.
“Solid welders (price made): in potential declines, the cost of short-term investors cost at ~ ~ $ 115.7,000 and ~ $ 105,000 are ready to act as strong and tested support areas,” he concluded.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
