news 
Bitcoin Finds Support at $112K: Can Buyers Push BTC to $120K This Week?
In a stunning turnaround of events, Bitcoin (BTC) has found support at the crucial level of $112K, sparking hopes that buyers may be gearing up to push the cryptocurrency beyond $120K. The recent price action suggests that the bearish momentum might have finally lost steam, paving the way for a potential reversal.
The fear and greed index dropped sharply in the first two days of August, indicating a notable shift in sentiment among traders. This trend could signal a significant change in the market’s trajectory, as the same phenomenon was observed in June when the cryptocurrency briefly touched bearish levels before recovering.
One crucial observation is the liquidity heatmap, which has revealed that the $112K-$114K region has become increasingly less liquid. This development, combined with the sharp drop in sentiment, raises the possibility of a local bottom having formed.
Traders are now eagerly awaiting a move beyond $114.1K to confirm whether this reversal could materialize. However, it is essential to acknowledge that prices may still dip towards the $110K-$111K region before embarking on an upward trajectory.
In conclusion, traders have valid reasons to prepare for a bullish swing if Bitcoin bulls can successfully flip the $114.1K level into support.
Source: ambcrypto.com
