Bitcoin resistance at $120K 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.
