$120,000 Is Still on the Table for Bitcoin, On-Chain Data Shows

Core Insights - Bitcoin's price has been trading sideways, struggling to break resistance at $115,892 while finding support near $111,098, but analysts see potential for recovery towards $120,000 in the near term [1] Group 1: Market Structure and Exchange Flows - Bitcoin's market structure remains strong despite recent challenges, supported by a rise in exchange-to-exchange flows on Binance, indicating increased activity among large traders and institutions [2][4] - Exchange-to-exchange flows have surged 125% over the past week, suggesting heightened trading activity [3] - The increase in flows since early October implies renewed activity among large players, interpreted as neutral to slightly positive, indicating liquidity redistribution rather than selling [5] Group 2: Price Recovery and Technical Analysis - Following a sharp drop on October 11, Bitcoin has stabilized around $110,000, with current flow volumes indicating a healthy recovery compared to the sell-off [6] - The price structure is forming higher lows, with a low probability of revisiting the October 11 low, and a confirmed breakout above $115,000–$120,000 could trigger further upward momentum [6] Group 3: Retail Investor Sentiment - There is a notable accumulation trend among Short-Term Holders (STHs), indicating renewed retail confidence despite recent liquidation events that caused trader reluctance in the futures market [7]