BTCUSDT price is currently hovering at $118,938, within a consolidation range between $117,261 and $120,000. While this range has held steady, the possibility of breaking through $120,000 is high if investor sentiment remains strong.The current sell-side risk ratio for
BTCUSDT is at 0.24, well below the neutral threshold of 0.4 and closer to the low-value realization threshold of 0.1. This suggests that the market is experiencing consolidation, with investor behavior indicating a pause in large sell-offs. Historically, August has been a bearish month for
BTCUSDT, with the median monthly return sitting at -8.3%. However, given the current accumulation trend and the low sell-side risk, Bitcoin may defy its historical trend this year. If Bitcoin can secure $120,000 as support, it would likely push past $122,000 and move toward the ATH.However, there remains a risk that the market could turn bearish if investors shift their stance due to unforeseen market factors. In this case,
BTCUSDT could lose support at $117,261 and slide to $115,000, reversing the bullish thesis.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.