Main takeout:
Bitcoin’s Doji Candle and Strong Chart Fractal hints hints for $ 120,000 at the rally.
Bitcoin Hodlers absorbs freshly sold BTCs, historically optimistic signs.
The price of Bitcoin (BTC) has occurred in the descent trend line pattern after forming a local floor for $ 100,300 on June 6, and now assets are expected to resume the best ever.
DOJI CANDLE appeared on the weekly chart to absorb the accumulated sales liquidity over the last three weeks. The Doji Candle, characterized by a small body and long wick, reflects the uncertainty between the buyer and the seller, and often prioritizes the main price movement. The recent absorption of fluidity under the candle is weak, so it can potentially lay the foundation for the upward surge.
But the encryption analyst, Jackis, warned that DOJI needs to be confirmed this week. He was noted:
“#Bitcoin Doji doesn’t mean anything after refusing to swing before the week.
In addition to optimistic stories, the crypto trader Krilin emphasized the fractal pattern between BTC’s price behavior and current price measures since the approval of the SPOT Exchange-Traded Fund (ETF) in January 2024. This pattern is characterized by “Candle of God,” which suggests a strong upward movement. Historically, in higher time frames, these repeated fractals have 70% to 80% accuracy in the predictive trend reversal.
In early 2024, BTC was impressed with the integration stage. As Bitcoin rises to more than $ 106,000 as of June 9, similar ride can be sent to $ 110,000 to $ 120,000.
Related: $ 100K is the core level of Bulls. 5 things to know in Bitcoin this week
Bitcoin market now prefers holders
In parallel with technical indicators, market sentiment has been accumulated. According to data shared by Bitcoin researcher Axel Adler JR., the average spot trading volume of the Central Exchange (CEX) plunged to the last level in October 2020.
The data of encryption is the spot market falling to $ 995.6 million, while futures trading is still increasing. This suggests that investors are entering the “HODL” mode, which reminiscent of the accumulation phase before Bitcoin’s explosive rally in late 2020.
OnChain Analyst Boris, which supports these changes, emphasized the deflection between short and long -term bitcoin holders. In the last 30 days, the STHS has shown that the BTC has distributed 592,000 BTCs for $ 110,000 to signal uncertainty or profit. On the contrary, the wallet (LTH), which has a BTC for more than 155 days, has accumulated 605,000 BTCs since its best. Boris wrote:
“The long -term holder is coming in while the short -term holder ends. This suggests that the ongoing trend is not simply speculative, but is structurally supported by strong hands.”
Related: Bitcoin Price can see ‘short -term modifications’ before $ 140K.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.