The current price of Bitcoin (BTC) stands at 117,500 USD, where there are risks of profit taking as long-term holders sell at nearly double their acquisition cost. Elevated SOPR levels of 1.96 reflect this trend.
If the price drops below 116,456 USD, Bitcoin could potentially decline 12% toward 103,355 USD. Key trading indicators suggest that historical patterns are aligning with current trading activity.
Important support levels include 116,456 USD and stronger at 107,343 USD. An increase in whale activity signals distribution pressure, while Bitcoin remains in a state of indecision regarding its price structure.
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