BTC selling pressure eases, analyst eyes $124K target

Bitcoin could rally to $124,000 as several on-chain indicators improve and selling pressure subsides, according to an analysis by Cointelegraph. The report notes that the Stablecoin Supply Ratio (SSR) has fallen to levels last seen during the market bottoms of mid-2021 and early 2024. This suggests stablecoin liquidity is accumulating, which could be a preparatory step for the final bullish phase of the current cycle. Additionally, on Binance, stablecoin reserves are increasing while BTC reserves are declining, a trend interpreted as a sign that BTC is moving from short-term to long-term holders or that selling pressure is becoming exhausted. From a technical perspective, the BTC/USD daily chart is facing resistance at $107,000, the upper trendline of a falling wedge pattern. The analysis suggests that if the price secures a daily close above this level, the downtrend could halt, paving the way for a potential rise to $124,000.