Bitcoin’s Dizzying Dance: $120K or Bust? 🎢💰

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Ah, Bitcoin, that capricious darling of the digital realm, continues its genteel meanderings above the $116K mark, as the bulls-those stalwart souls-endeavour to defend their turf with all the fervour of a debutante at her first ball. 🕺✨ Following a retreat from the giddy heights of $123K, one is left to ponder: is this a mere pause in the ascent, or the prelude to a more dramatic denouement?

The broader uptrend, one must concede, remains as intact as a society matron’s reputation-though recent price action suggests a certain nervousness, a tightening of the corset, if you will. 🧵 With macroeconomic tensions simmering like a poorly stirred pot and risk sentiment as mixed as a cocktail at a third-rate soiree, Bitcoin’s next grand gesture may well hinge on those oh-so-critical technical levels. 🍸

Technical Analysis

By Shayan, that indefatigable scribe of the charts.

The Daily Chart

The daily structure, my dear reader, reveals a breakdown as elegant as a fallen soufflé. Bitcoin has pulled back to the ascending channel, once its cherished companion, only to break below it with all the grace of a tipsy guest at a garden party. 🥂 This, I fear, is a development as concerning as a misplaced rumour in high society, portending deeper corrections should the trend persist.

The price clings desperately to the 100-day moving average, hovering near the $110K support level like a wallflower at a dance. The RSI, that fickle indicator, sits at 51-a state of neutrality as uninspiring as a bland canapé. 🍽️ Should a bearish shift occur, and $110K crumble like a poorly constructed tart, the next zone of confluence awaits at the psychological $100K level, aligned with the 200-day moving average. A dramatic turn, indeed.

The 4-Hour Chart

On the 4-hour chart, Bitcoin descends within a channel as relentlessly as a bore at a dinner party. Yet, there is hope: the cryptocurrency now attempts an upward break, having pierced the $116K resistance with the determination of a socialite crashing a rival’s gathering. 🎉 The price rebounds from the 50% Fibonacci retracement, adding a dash of bullish optimism to this otherwise dreary affair.

The RSI, that moody barometer, has turned bullish, rising above 50 like a guest finally finding their footing on the dance floor. Should the price hold above $116K, one might expect a breakout from the descending channel, propelling Bitcoin toward the $123K all-time high and beyond-a rally as dazzling as a well-executed waltz. 💃

Onchain Analysis

Exchange Whale Ratio

Ah, the Exchange Whale Ratio-that harbinger of doom or, at the very least, mild inconvenience. It climbs steadily, reaching its zenith since early 2023, a spike as ominous as an uninvited guest at a private ball. 🦈 Historically, such antics precede distribution events or profit-taking, as whales-those leviathans of the crypto seas-dominate inflows with all the subtlety of a trumpet at a tea party.

This rise, coupled with stalled price momentum, suggests that these whales may be preparing to offload their holdings into strength, a manoeuvre as calculated as a society matron’s gossip. While it does not guarantee a reversal, it typically marks local tops or a slowing of progress until new demand emerges. Traders, take heed: watch for on-chain outflows and derivatives positioning, lest you find yourself caught in the wake of these titans. 🌊

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2025-08-08 16:40