🟠Bitcoin is trading around $117,300, approaching strong resistance at $118,000. After a recent pullback from highs above $120,000, this level has become a critical threshold for further upside. Analysts believe that a breakout above $118,000 could open the path to $120,800 and $124,000. However, the price remains stuck between $117,000 and $118,000, with ongoing selling pressure.
🟠One concern is the rising Exchange Whale Ratio, now at 0.52, indicating increased activity from large holders and a higher risk of profit-taking. If Bitcoin fails to break through resistance, a retracement to $114,000 or $112,000 is possible. However, holding above $116,000 alongside declining whale activity could give the market a chance to recover and continue its uptrend.