Recent developments in Bitcoin indicate a potential price surge, as the asset broke above $108,000, with long-term holders starting to accumulate BTC. A Doji candle formation on the weekly chart suggests indecision among traders, but absorption of sell-side liquidity may signal an end to bearish pressure and a possible upward movement. Crypto analyst Jackis cautions that confirmation of this trend is essential. Meanwhile, a fractal analysis by trader Krillin points to a pattern reminiscent of the post-ETF approval rally earlier this year, hinting at a possible jump towards $120,000. Market sentiment is shifting towards HODLing, with recent data showing a drop in spot trading volumes, where short-term holders are selling while long-term holders are accumulating BTC. This trend reinforces the notion of a structurally supported uptrend, driven by long-term investors. As of June 9, BTC is poised for significant movement according to various indicators and metrics.

Source 🔗