BTC in a Tight Spot: $116K Resistance, $93K Risk Looms

Bitcoin’s price action shows a complex picture with strong resistance near the $117,000-$120,000 mark. A significant move above this level is indicated by high-volume transactions exceeding 600,000 coins at that area. However, analysis suggests risk might be elevated around the $120,000-$130,000 range based on cost basis models. ETF flows remain subdued, limiting institutional momentum. 600,000 BTC moved near the $120,000 mark highlights the importance of this cluster as both resistance and support.