Bitcoin's price movement is undergoing a 'Power of 3' market structure consisting of Accumulation, Manipulation, and Distribution, with a potential target of $126,000. A significant liquidation event of $922 million has reset the leveraged positions in the market, indicating a possible recovery. Key price levels to observe are around $115,300 and $116,800, with $120,000 acting as a strong resistance point. Following a dip to $112,000, the price rebounded, signaling strength in handling significant sell pressure. The liquidation landscape shows a notable decrease in open interest, implying reduced risk in the market, which could favor new long positions. Additionally, data from Binance indicates negative net taker volume, suggesting capitulation among retail traders, which often marks a local bottom and presents accumulation opportunities. If $120,000 is surpassed, a bullish trend could emerge, positioning Bitcoin towards its all-time high.

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