Bitcoin Eyes 122 thousand dollars – but the price of BTC may decrease to this level first star-news.press/wp

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Bitcoin fluctuates between $ 116,000 and $ 119,000, with analysts looking to 122 thousand dollars as a major resistance level. The decrease in buying the point and the height of unrealized profits is alluded to short -term losses before the outcome of the possible bull.

Last week, Bitcoin (BTC) fluctuated between $ 116,000 and $ 119,000, with no great gains or losses.

AEBCRYPTO analysis indicates that there is another decrease that can be on the horizon, which may create Bitcoin’s conditions to test the 122,000 dollar sign, a level that can determine whether the market enters a bullish stage.

Why 122 thousand dollars is crucial for bull bitch

According to the long -term energy law plan on AlfrakalBitcoin was not after violating a large resistance level that would confirm the broader market morale – urinary or landing.

This total level indicator provides an insight into the presence of long -term demand and supply areas.

The graph sets $ 122,000 as the most important resistance level that Bitcoin must overcome to maintain a bull gathering.

Source: alphractal

Failure to break this level can be seen that Bitcoin continues in the style of monotheism or even the direction down.

Ambrypto analysis indicates that Bitcoin is likely to decrease in the short term before any potential upward step.

External flows of liquidity amid increased profitability

Several scales on the series indicate the possibility of a downward step. It is worth noting that there is a fixed -week flow in the activity in the immediate market, indicating the decline in the interest of the investor.

In only three weeks, the total SPOT purchases have decreased significantly, from 658.76 million dollars on July 7 to 209.29 million dollars later that week, and now to $ 97.13 million, according to Coinglass.

These continuous decline signals are fade in the original long, although Bitcoin still holds the main climbing thresholds on the total graph.

Source: Cryptoquant

At the same time, the NUPL is net profit/loss index (NUPL) on Cryptoquant It rose last day, reaching 0.57 at the time of the press.

This indicates an increasing share of unreasonable profits on the market, which often precedes a wave of sale.

High NUPL indicates a stronger possibility for sale. If this is achieved, this is likely to exert additional pressure on Bitcoin, pushing it towards its lowest level in the short term.

How low?

A 24 -hour decrease in bitcoin liquidation shows a potential decrease in the region of $ 116,000.

The concentration of liquidity groups near this level can be a magnet, which leads to low price.

In addition, these groups themselves can serve as areas of demand, which may reflect the price again to the upward trend.

Source: Coinglass

In the event of this bounce, Bitcoin may move to the upward liquidity areas that extend to the $ 123,000 region.

In short, a short -term decrease in Bitcoin may be necessary to raise enough power to penetrate the resistance of $ 122,000.

If successful, this step can mark the beginning of the most sustainable bull race.