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Can the accumulation of 163 billion dollars cause the price of Bitcoin to bounce back?
Bitcoin is going through a sideways phase as it continuously fails to conquer the important resistance zone around 120,000 USD. Nevertheless, capital is still flowing into the market strongly, mainly from short term investors and newbies. This creates both opportunities and risks, as the pressure to take profit or stop loss could lead to a sudden increase in price volatility.
According to data from URPD (Actual Price Distribution UTXO), over 1.38 million BTC — equivalent to about 163 billion USD — has been accumulated in the price zone of 115,500–120,000 USD in just the past two weeks. This is a signal indicating that the buying force comes from newbie investors or short term holders, who tend to be easily influenced by market sentiment.
![Can the FOMO accumulation of 163 billion dollars cause Bitcoin's price to recover?])https://img-cdn.gateio.im/webp-social/moments-405bfa6cd773f40839fc6097173f310d.webp(The flow synchronization between Bitcoin exchanges | Source: KyledoopsCurrently, the BTC price continues to hesitate in the zone of 117,261–120,000 USD. The 120,000 USD mark is seen as a strong psychological barrier, where selling pressure may increase if investors doubt the sustainability of the upward trend. Conversely, the support zone around 115,000 USD is still serving as a solid technical support.
![Can the accumulation of FOMO worth 163 billion dollars drive Bitcoin's price recovery?])https://img-cdn.gateio.im/webp-social/moments-2f503c82d45f6126e177119011403557.webp(Bitcoin Price Analysis | Source: TradingViewIn the short term, if the sentiment of concern prevails, the price may retreat below 117,261 USD. However, if the FOMO cash flow continues to be maintained and buying pressure does not diminish, the possibility of surpassing 120,000 USD to reach the zone of 122,000 USD is entirely feasible — thereby negating the adjustment trend and opening up a new bullish wave for Bitcoin.
Mr. Teacher