Bitcoin struggled to maintain its value under $120,000, slipping below $117,500 as traders contemplated the market's strength. Whales seem to be selling at local highs, potentially complicating prospects for a price rebound. Popular trader Roman indicated a possible downside target at $108,000, reflecting concerns over market momentum. Material Indicators also noted that if the $116,750 support does not hold, $110,000 could be next. Despite this, recent U.S. job data and improved consumer confidence provide a mixed outlook for risk assets like Bitcoin. Analytics platform CryptoQuant suggests that persistently low profit realization among traders is a positive sign, indicating confidence in future price movements. They identify key support levels around $115.7K and $105K, correlating with the cost basis of short-term holders, that could provide a buffer against potential declines. Overall, while immediate bearish sentiments prevail, there are some indicators pointing towards potential recovery if certain levels hold.

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