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Bitcoin is confronted with resistance near the $ 120k marking when holders start to take a long-term profit. Although the withdrawal is still mild, large institutional movements point to a cautious shift in sentiment.
Bitcoin’s [BTC] March meets his first real test.
While prices are floating near the psychological $ 120k marking, long-term holders have started to remove chips. Recent data show a shift to the net sales area.
Although open interest remains largely intact, a slight dip when repositioning indicates at an early stage.
Taking a win starts at $ 120k
Data on chains are displayed Bitcoin holders in the long term shift to the net sales area, just like BTC, reached the $ 120k marker.
Although the decline is modest for the time being, the reversal in the 30-day net position change suggests at an early stage distribution.
Source: Cryptuquant
The trigger is probably a mix of profit assessment and institutional recalculation.
In particular, the reported sale of Galaxy Digital of 80,000 BTC adds the weight to the sales-side pressure, so this is not a shakeout powered by the retail trade.
For now it looks more like a redesigning tactic than a massive exit, but if there are more whales, the story can shift quickly.
Open interest withdraws
Bitcoin’s 7-day aggregated open interest Delta has been immersed Again in negative territory, but the movement lacks the speed of a complete exit.
The mild decline suggests a partial relaxed, probably large players who crash exposure or closing positions after a strong run.
Source: Alfractaal
Instead of a bearish shift, this looks like a strategic breathing break. With the price that is still near the ATH, the data points points to taking a profit.
Momentum cools, but bulls still hold the line
Bitcoin consolidated just below $ 120k at the time of the press and showed signs of a temporary break instead of a breakdown.
The RSI was at 59 – cooling overbought territory but has not yet indicated weakness.
Source: TradingView
In the meantime, the OBV has been established around 1.76 million, a stall in fresh purchasing pressure. Despite the indecision, the price promotion remains stable, without aggressive sales candles.
For the time being, Bulls seem to defend profits awaiting a catalyst, but without the rising volume the upward momentum can remain covered.