Is this the start of a deeper correction for Bitcoin?
The post Is this the start of a deeper correction for Bitcoin? appeared on BitcoinEthereumNews.com. Key points: Bitcoin is trading back below its recent all-time highs, grilling support at levels it first encountered in late 2024. A “deeper pullback” may result before bulls find the momentum to return to price discovery. Profit-taking lies at the heart of current resistance, analysis says. Bitcoin (BTC) risks a “deeper correction” as the next phase of its bull market faces a temporary setback. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Bitcoin profit-taking causes bull run hiatus Analysis is warning of sub-$100,000 prices as data from Cointelegraph Markets Pro and TradingView shows BTC/USD dropping 8%. Bitcoin returned below its old all-time highs on May 31 as the latest correction nears $9,000 below its latest record peak. After bulls encountered resistance from multiple sources, onchain indicators soon began to forecast a slowdown in bullish momentum. In its latest research report sent to Cointelegraph, onchain analytics platform CryptoQuant saw that “some of Bitcoin’s demand metrics may be reaching a short-term top, which could imply a pause in the current rally.” “CryptoQuant’s estimate of Bitcoin’s demand growth in the last 30 days is at 229K, which is near the previous demand growth top of 279K Bitcoin reached in December 2024,” its authors wrote. “Additionally, whale-held Bitcoin balances have increased by 2.8% over the past month, a pace that often precedes a slowdown in whale accumulation.” Bitcoin apparent demand chart (screenshot). Source: CryptoQuant CryptoQuant added that unrealized profits were, on average, over 30% at $111,000, likewise hinting at an imminent pause. BTC price “deeper pullback” expected As such, market participants, while staying bullish on a return to price discovery, still see lower levels coming first. Related: How low can the Bitcoin price go? “On the daily chart, BTC has broken below the previous all-time high and is facing rejection at that same level,” popular trader Mags…
The post Is this the start of a deeper correction for Bitcoin? appeared on BitcoinEthereumNews.com.
Key points: Bitcoin is trading back below its recent all-time highs, grilling support at levels it first encountered in late 2024. A “deeper pullback” may result before bulls find the momentum to return to price discovery. Profit-taking lies at the heart of current resistance, analysis says. Bitcoin (BTC) risks a “deeper correction” as the next phase of its bull market faces a temporary setback. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Bitcoin profit-taking causes bull run hiatus Analysis is warning of sub-$100,000 prices as data from Cointelegraph Markets Pro and TradingView shows BTC/USD dropping 8%. Bitcoin returned below its old all-time highs on May 31 as the latest correction nears $9,000 below its latest record peak. After bulls encountered resistance from multiple sources, onchain indicators soon began to forecast a slowdown in bullish momentum. In its latest research report sent to Cointelegraph, onchain analytics platform CryptoQuant saw that “some of Bitcoin’s demand metrics may be reaching a short-term top, which could imply a pause in the current rally.” “CryptoQuant’s estimate of Bitcoin’s demand growth in the last 30 days is at 229K, which is near the previous demand growth top of 279K Bitcoin reached in December 2024,” its authors wrote. “Additionally, whale-held Bitcoin balances have increased by 2.8% over the past month, a pace that often precedes a slowdown in whale accumulation.” Bitcoin apparent demand chart (screenshot). Source: CryptoQuant CryptoQuant added that unrealized profits were, on average, over 30% at $111,000, likewise hinting at an imminent pause. BTC price “deeper pullback” expected As such, market participants, while staying bullish on a return to price discovery, still see lower levels coming first. Related: How low can the Bitcoin price go? “On the daily chart, BTC has broken below the previous all-time high and is facing rejection at that same level,” popular trader Mags…
What's Your Reaction?
