CryptoQuant analyst: BTC sell-off in the past 24 hours below historical average, $120000 is the next psychological barrier

Odaily Planet Daily News: According to CryptoQuant analyst Axel Adler Jr, short-term holders have sold an average of about 21000 bitcoins through centralized exchanges (CEX) in the past 24 hours, lower than the historical average selling pressure level. This indicates that despite the rise in Bitcoin prices, short-term holders are currently in a relatively calm state and are not eager to lock in profits on a large scale. Analysts point out that $120000 will be the next psychological milestone for many market participants. As the price approaches this boundary, profit taking activities may increase. Similar reactions have been observed multiple times whenever Bitcoin reaches integer price levels.