Bitcoin's recent price dip below $100,000 has sparked worries about a potential delay in the ongoing bull run. After reaching a peak earlier in the year, the cryptocurrency is now over $9,000 off its record high, signaling that profit-taking is creating resistance in the market. Analysts believe that a deeper pullback may occur before Bitcoin gains enough momentum to reach new highs.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin is struggling at key support levels, with some metrics suggesting that demand may have peaked. Research from CryptoQuant revealed that Bitcoin's demand growth in the last month sits at 229,000 BTC, nearing a previous top of 279,000 BTC recorded in December 2024. Furthermore, whale holdings have seen a 2.8% increase recently, which often signals a drop in accumulation.
Popular trader Mags highlighted the significance of the upcoming weekly close, particularly the $104,450 mark, which was the peak from December. "If BTC closes below this level on the weekly timeframes, we might see a deeper pullback forming before the next upward movement," he commented. Another analyst, Aksel Kibar, maintained a bullish outlook provided Bitcoin stays above $73,700, while CryptoQuant suggests that $120,000 could serve as a key profit-taking station.
As Bitcoin navigates these scenarios, market participants remain cautious but hopeful about a return to bullish trends. Investors should stay aware of potential corrections that could present both risks and opportunities in the coming weeks.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin is struggling at key support levels, with some metrics suggesting that demand may have peaked. Research from CryptoQuant revealed that Bitcoin's demand growth in the last month sits at 229,000 BTC, nearing a previous top of 279,000 BTC recorded in December 2024. Furthermore, whale holdings have seen a 2.8% increase recently, which often signals a drop in accumulation.
Popular trader Mags highlighted the significance of the upcoming weekly close, particularly the $104,450 mark, which was the peak from December. "If BTC closes below this level on the weekly timeframes, we might see a deeper pullback forming before the next upward movement," he commented. Another analyst, Aksel Kibar, maintained a bullish outlook provided Bitcoin stays above $73,700, while CryptoQuant suggests that $120,000 could serve as a key profit-taking station.
As Bitcoin navigates these scenarios, market participants remain cautious but hopeful about a return to bullish trends. Investors should stay aware of potential corrections that could present both risks and opportunities in the coming weeks.
