Bitcoin appears positioned to rebound toward $120K if the $104K–$108K zone holds as support. On-chain signals — shrinking exchange reserves, steady ETF inflows and a subdued NVT — combined with cooling futures volumes and supportive technicals suggest upside toward $112K–$123K is plausible in the near term.
Key signals: shrinking exchange reserves, steady ETF inflows, and a low MVRV indicate structural demand.
Technical pivot: holding the 0.618 Fibonacci near $104.7K would likely open a path to $112K and then $120K.
Risk controls: failure below $104K could expose $100K as the next meaningful support.
Meta description: Bitcoin rebound to $120K looks possible if $104K holds; on-chain metrics, ETF flows and cooling futures support upside—read expert analysis now.
Can Bitcoin rebound and target $120K?
Bitcoin rebound looks plausible if immediate support at the 0.618 Fibonacci retracement (~$104.7K) holds, unlocking short-term targets at $112K and $120K. On-chain metrics and institutional flows currently favor accumulation, while RSI and futures cooling reduce liquidation risk.
What on-chain signals support Bitcoin’s upside?
Exchange reserves are shrinking and ETF inflows remain steady, consistent with net structural demand. The MVRV Ratio at 2.1 sits well below overheated levels near 4, suggesting BTC is not in an overvalued state. These metrics align with institutional views that frame Bitcoin as a macro hedge rather than pure speculation.
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Futures volumes have cooled, and the derivatives “Bubble Map” indicates reduced speculative intensity. Lower leverage typically precedes market stabilization because liquidation risk declines when volume and implied leverage fall.
Calmer futures markets give institutions room to accumulate methodically, favoring price discovery and prolonging sustainable rallies rather than impulsive spikes.
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Source: https://en.coinotag.com/bitcoin-may-be-undervalued-on-chain-metrics-and-jpmorgan-say-104k-support-could-lead-toward-120k/