Bitcoin Don Pass $120K As On-Chain Data Dey Show Say E Dey Gather
Bitcoin don clear di $120K level recently for di first time since August. Di on-chain metrics dey show say selling pressure dey reduce. Glassnode data show say di short-term holder RVT ratio dey shrink, mean say speculative excess dey reduce. Di three-day net position change for long-term holders don enter neutral area, show say profit-taking dey cool down. CryptoQuant short-term SOPR don rise to 0.995 from 0.992, mean say weak hands dey absorb losses. Analysts dey expect say structural base go form between $115K and $120K. Institutional inflows plus upcoming ETF launches fit push more momentum. Traders suppose dey watch these on-chain signals well to sabi di accumulation and di path to di next bullish leg.
Bullish
On-chain data show say dem see reduce speculative activity and cooling down profit-taking by short-term and long-term holders dem, e dey create supply cooldown. The rebound for SOPR mean say market reset dey healthy as weak hands dey absorb losses. With structural base wey fit dey between $115K and $120K, plus extra momentum from institutions wey dey put money and ETFs wey dey come, conditions dey favor further price gains. For short term, if accumulation start again above $120K, e fit push fresh rally. For longer term, steady demand from institutions and ETF money go support clear bullish breakout.