Key Points:
Bitcoin has finally seen investors willing to "buy the dip" at around $110,000.
Multiple retests of support levels continue to attract traders' attention.
Bulls can still achieve a bullish RSI divergence through a strong daily close.
Bitcoin tested key support levels continuously on Thursday, with clear signs of renewed buyer interest.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD dipped below $110,000 on the Bitstamp platform.
Exchange order flow liquidity is a focal point for the market on both sides of the price. Local lows and the resistance level at $112,300 have become key positions.
"It’s time to lock in again, the 4th test of this demand area," trader Skew wrote in a post on X.
Traders and analyst Rekt Capital noted that BTC/USD has now filled a "gap" in the CME Group's Bitcoin futures market.
BTC Bitcoin has now completely filled its Weekly CME Gap between $109680 and $111310$BTC #Crypto #Bitcoin https://t.co/NS86XQRgTn pic.twitter.com/zfvYml9hih
Speaking of the Relative Strength Index (RSI), Rekt Capital observed an "emerging" bullish divergence in price—potentially a signal for an upward move.
"The price needs to close like this daily to take shape," he added.
Crypto analyst and entrepreneur Ted Pillows used market sentiment as evidence that Bitcoin's price may establish a local bottom.
"$BTC has been consolidating since last week's crash," he told his followers on X.
Pillows uploaded a chart comparing the current BTC price movement to that during the March 2020 COVID-19 cross-market crash.
As reported by Cointelegraph, the Crypto Fear and Greed Index has turned to "Fear" this month, aligning with a six-month low.
However, on-chain analysis platform Glassnode, which studies investor trends, brought some good news for the bulls.
He revealed that entities holding 1 to 1,000 Bitcoins are showing "strong accumulation."
Even the whales that distributed large amounts of BTC to the market in recent weeks are slowing down their sales.
Glassnode stated that this "indicates that despite the recent turmoil, confidence has somewhat recovered."
Related: Jack Dorsey and Peter Todd urge privacy messaging app Signal to adopt Bitcoin (BTC)
Original: “As dip buyers enter below $110,000, Bitcoin (BTC) traders suggest ‘locking in profits’”
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