Bitcoin resistance at $120K normal due to ‘frothy’ open interest near all-time highs


Bitcoin resistance at 0K normal due to ‘frothy’ open interest near all-time highs


Bitcoin shows its first major bearish signal in weeks, yet strong dip-buying and key support levels keep the bullish outlook intact.

Key takeaways:

Bitcoin formed a bearish engulfing candle, indicating potential short-term exhaustion.

The Miners’ Position Index surged to its highest level since November 2024, and profit-taking hit record highs.

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