Bitcoin's price has been steadily increasing and reached a new record high on Monday. However, it has lost some momentum, leading to uncertainty about its future. On the daily timeframe, Bitcoin rebounded from the $92K support level and broke through the $100K level, indicating a potential rise towards $120K. Despite recent choppy price action, the overall market structure remains bullish, making a breakout above the $108K resistance level more likely than a bearish reversal. Additionally, on-chain metrics show that the whale ratio, a measure of selling pressure by large investors, has been rising but is still below previous levels seen at $70K, suggesting further upside potential if there is sufficient demand.



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