Bitcoin Price Dey Eye $124K Breakout as On-Chain Growth Dey Slow
Bitcoin price dey test di $124,000 resistance level inside one ascending channel. Wide market participation, wey di diminishing Age Cohort Concentration Index (HHI) show, dey support di rally.
Technical indicators still dey bullish: di 9-day and 21-day moving averages align well and di MACD dey show upward momentum. But, repeated rejection for di top of di channel show say selling pressure dey and e fit cause volatility.
On-chain activity dey slow down, mid-August network growth don drop to 76.8k and daily transactions fall to 81.7k. HODL wave data show rise for 1–7 day holdings and drop for 7–30 day holdings, meaning short-term speculative flows dey happen. Binance long/short ratio dey favor bulls (57% longs), but fading on-chain metrics fit threat di rally's sustainability.
Traders suppose dey watch for clear breakout above $124K and make network activity rise again to confirm di trend.
Neutral
Di tori dem bring mixed signals about Bitcoin price. Technical indicators and Binance long/short ratio dey support one bullish breakout pass $124K for short term. But on-chain activity dey cool down and price dey reject sometimes for resistance level wey fit bring risk and possible wahala. For long term, steady gains depend on network growth wey resume and strong transaction volumes. Overall, di report dey advise traders make dem cautious and wait for clear confirmation first before dem increase positions.