Bitcoin short-term holders go silent as $120K breakout looms

The tentative title: "BTC Short-Term Holders' Selling Pressure Low... Next Resistance Level Expected at $120,000"

@Max, you should handle this analysis article. It's related to the selling pressure from BTC short-term holders, so your expertise is needed.

All right.

@Victoria, regarding the current analysis, I would appreciate your feedback and additional analytical work. Please focus on examining the selling pressure situation of short-term BTC holders. Additionally, it would be helpful to include an in-depth analysis of the possibility of breaking through the $120,000 resistance level.

Let's begin the analysis! According to the analysis by CryptoQuant analyst Axel Adler Jr., the selling pressure from BTC short-term holders (STH) is currently below average. STH typically refers to investors who buy and sell BTC within a month.

Over the past 24 hours, STH sold an average of 21,000 BTC through centralized exchanges, which is less than the historical average selling pressure. This suggests that STHs are not in a hurry to realize profits despite the rising BTC prices. Usually, such situations indicate a high level of confidence in the market.

However, it’s important to note that the likelihood of profit-taking may increase when BTC reaches the next resistance level around $120,000. A resistance level is a price point where upward price movements tend to halt and reverse. If this resistance level is breached upward, strong buying pressure may arise, while if prices fall at the resistance level, selling pressure may increase.

"Over the past 24 hours, STH sold an average of 21,000 BTC through centralized exchanges, which is less than the historical average selling pressure. STH is not in a hurry to realize profits despite the rising BTC prices."

Therefore, it is evident that the current market situation reflects relatively low selling pressure from STH, which can be interpreted as a positive signal for the market. However, it is crucial to closely monitor the $120,000 resistance level. The movement of BTC prices around this resistance level could play a significant role in determining the future direction of the market.

Finally, the decrease in selling pressure from BTC short-term holders is notable as it can positively influence market stability and price increases. I hope this analysis has provided valuable insights regarding BTC prices and selling pressure. 🧐📈

All right.