Bitcoin Faces Resistance at $119K as 613K BTC Threatens Selloff: What’s Next for BTC Price?

Bitcoin’s upward momentum could face a major hurdle as over 613,000 BTC—worth billions—loom over the market, posing a significant selloff risk. With Bitcoin eyeing the critical $119K resistance level, traders and investors are moving cautiously. This potential influx of supply could stall or even reverse the current bullish trend, raising concerns about near-term volatility.

Profit-Taking Sparks Volatility Threat for Bitcoin

In the past 24 hours, Bitcoin’s price has been very unstable, with sellers pushing hard to keep it below $119,000. This led to a large wave of forced selling, according to data from Coinglass. In total, more than $55 million in positions were liquidated, with over $41 million of that coming from buyers who had bet that Bitcoin’s price would go up.