Bitcoin’s next stop could be $120K: BTC analysts explain why
A sharp drop in BTC inflows to Binance could play a role in Bitcoin possibly rallying to $120,000.
Key takeaways:
Bitcoin inflows on Binance have dropped to 5,147 BTC, less than half of previous bear market levels, despite BTC trading above $105,000, signaling a possible decline in short-term selling pressure.
Bitcoin has reclaimed its 50-day EMA, historically a signal for breakout rallies. Technical indicators, including rising spot CVD, point to strong spot demand and potential upside toward $120,000.
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