#Crypto IPO Surge#  Bitcoin (BTC)

Bitcoin rose to $115,225 yesterday, but failed to hold, falling to $112,660. Since then, it has recovered, rising to $114,400 again and returning to the $113,900-$114,250 range. On-chain data shows selling pressure from short-term investors, particularly increased outflows from wallets with a one-week holding period. Long-term investors (LTH) are holding their positions, and there has been no significant increase in transfer volume. Technically, the $115,500-$116,000 level acts as a strong resistance area, while the $112,500 and $110,800 levels below should be monitored as short-term support. The RSI indicator is in neutral territory at 52, but the MACD remains in negative territory. If the $115,000 level is tested again, the 117,000 and 119,200 targets may come into play in case of an upside break.

While Bitcoin dominance remains stable at around 60% in the overall market, there is no clear direction for the altcoin market. The continued outflow of ETFs suggests that short-term investor sentiment remains cautious. Following the regulatory changes that took effect in the US last week, liquidity flows have become more selective. Given the weak macroeconomic data flow in the coming days, technical levels may be more decisive.