Bitcoin’s recent price action has traders on edge as aggressive selling pressure collapses by 93%. With BTC holding strong above $117,000, could this be the calm before a storm toward $120,000? Here’s what the data reveals.
Bitcoin News: Taker Sell Volume Crashes 93% – What Does It Mean?
Market data shows Bitcoin’s taker sell volume—a measure of urgent selling—plunged from $17.8 billion to just $1.2 billion in days. This dramatic shift suggests:
- Short sellers are retreating
- Bearish momentum is fading
- The market may be preparing for a breakout
Bitcoin Price Holds Critical $117,000 Support
BTC has maintained stability above key Fibonacci support levels. The current trading range between $117,000 and $120,000 represents a make-or-break zone:
| Level | Significance |
|---|---|
| $117,000 | Strong support (must hold) |
| $120,000 | Psychological resistance |
| $122,000 | Next target if breakout occurs |
Crypto Market at Turning Point: Will $120,000 Break?
The NUPL metric shows profit-taking at 0.57-0.58, historically leading to pullbacks. However, with selling pressure evaporating, conditions may be ripe for upward movement. Key factors to watch:
- Sustained volume on breakout attempts
- Exchange reserve levels
- Futures market positioning
Actionable Trading Insights for Bitcoin’s Next Move
Traders should prepare for two scenarios:
- Breakout: A clean close above $120,000 with volume could signal continuation toward $122,000+
- Rejection: Failure to break $120,000 may test $117,000 support, with $114,000 as next downside target
The crypto market stands at a critical juncture. With selling pressure dramatically reduced and Bitcoin consolidating near resistance, all eyes are on whether bulls can muster the strength for a decisive breakout. The next 48 hours could determine Bitcoin’s trajectory for weeks to come.
Frequently Asked Questions
What does taker sell volume indicate in Bitcoin trading?
Taker sell volume measures aggressive selling where traders are immediately filling orders at market prices. A 93% drop suggests sellers are stepping back.
Why is $120,000 important for Bitcoin?
This level represents both a psychological barrier and technical resistance where previous rallies have stalled. Breaking it could trigger algorithmic buying.
How reliable is the NUPL metric for Bitcoin?
NUPL has historically signaled local tops when above 0.5, but doesn’t necessarily predict long-term reversals, especially in strong bull markets.
What’s the worst-case scenario if Bitcoin breaks support?
A close below $117,000 could see a test of $114,000, which represents the next major support zone on higher timeframes.
