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 .
Bitcoin formed a bearish engulfing candle, indicating potential short-term exhaustion . The Miners' Position Index (MPI) surged to its highest level since November 2024, and profit-taking hit record highs . Despite panic selling, over 196,600 BTC was accumulated in the $116,000–$118,000 range, reinforcing traders' bullish long-term sentiment .
Data from CryptoQuant highlighted that the Miners' Position Index (MPI) surged above 2.78, its highest level since November 2024 . The MPI measures how much Bitcoin miners send to exchanges relative to its one-year average . A high reading suggests an increased likelihood of selling .
Adding to this cautionary outlook, realized profit and loss (P&L) from BTC deposits to centralized exchanges hit an all-time high of $9.29 billion, signaling aggressive profit-taking . Crypto analyst Crazzyblockk explained that these metrics point to a high-risk zone where short-term volatility may intensify, even as the broader bullish trend remains intact . Meanwhile, trading platform Hyblock Capital noted that Bitcoin open interest is “approaching frothy levels” .
Analysts predict that Bitcoin could hit $200,000–$300,000 by December 2025 if historical patterns play out . One analyst predicts that Bitcoin is currently trading at over 10% this month and well ahead of its long-term trendline . According to the Power Law Time Contours model, Bitcoin is now more than two years ahead of its long-term curve .
Veteran trader believes that Bitcoin could double from current levels and reach $250,000 before the end of 2025, driven by five powerful catalysts . The approval of Ethereum spot ETFs is expected to create a “halo effect” that benefits Bitcoin, drawing in more institutional capital to crypto markets overall .