Bitcoin’s Failed Breakout Was Expected — and So Might Be Its Recovery If $115,000 Breaks
Bitcoin's recent rejection near $115,000 was anticipated due to whale selling, but long-term accumulation suggests recovery is possible if the key resistance breaks.Summary
Bitcoin's recent attempt to break out, briefly touching $113,200 before being rejected near $115,000, was expected based on on-chain data showing increased selling pressure from large holders (sharks and whales) transferring coins to exchanges between October 25 and 28.
Despite this short-term profit-taking, the underlying structure remains strong. Glassnode's Holder Accumulation Ratio (HAR) is still above 50%, indicating net accumulation by long-term holders who are absorbing the supply being sold. Furthermore, the price structure still reflects a valid inverse head and shoulders pattern, supported by the stabilization of the Relative Strength Index (RSI) after showing a hidden bearish divergence.
The critical level remains $115,000; a decisive close above this resistance could propel Bitcoin toward targets of $117,300 and $125,900. Conversely, a drop below the pattern's base at $106,600 would invalidate the bullish setup, potentially leading to a drop toward $103,500.
(Source：BeInCrypto)