Bitcoin’s narrowing trading range could result in a springboard move to $135,000.
Key point:
BTC faces selling at $120,000, but the bulls have not ceded much ground, hinting at a breakout to new highs.
Bitcoin (BTC) turned down from the $120,000 resistance on Wednesday, indicating that the bears are fiercely defending the level. The failure to break above the overhead resistance has resulted in net outflows of $285.2 million in the past three days in the US-based spot exchange-traded funds (ETFs), per Farside Investors data. That suggests the investors have turned cautious in the near term. However, a positive sign is that the bulls have not allowed the price to dip below $115,000.
