Bitcoin Flashes Warning Signs at Record Highs
Bitcoin Subsequently One 'Red Candle' Away From Predicting Bull Market Cessation - Viewpoint Unveiled
In the bustling world of cryptocurrencies, the eyes of traders are squarely focused on Bitcoin—the pioneering digital asset that continues to dominate the market. But as the price soars to uncharted territories, a popular on-chain analyst believes that this bull market might be nearing the end of its run.
In a recent post on social media platform X, pseudonymous analyst Checkmate addresses a concerned audience of 114,800 followers. He explains that Bitcoin (BTC) faces considerable selling pressure, particularly at prices between $93,000 and $100,000. If the selling pressure isn't absorbed, the analyst warns, we could be looking at a bearish lower high pattern that could signal the exhaustion of the bull market.
"Bitcoin is fighting its way through a densely packed supply cluster between $93,000 and $100,000.
Above $100,000, it's mostly clear skies."
The analyst suggests that the bulls need to step in and absorb the selling pressure, elevating the price above the $100,000 resistance level. If this critical threshold is breached, it would increase confidence in the market and keep the bull run alive.
However, the longer Bitcoin hesitates at the current levels, the greater the possibility of trend exhaustion. "We don't want to keep chopping—we need to establish a clear trend."
Despite the heavy selling pressure, demand for Bitcoin Exchange-Traded Funds (ETFs) remains robust. Cumulative inflows into these funds have reached a staggering all-time high of $40.62 billion, emphasizing the continued investor interest in BTC.
As of writing, Bitcoin is priced at $94,816, highlighting the tight struggle between buyers and sellers. The next move from here will be crucial in determining whether this price surge marks a temporary peak or the beginning of an even more remarkable rally.
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- The analyst's post on social media platform X warns that if selling pressure isn't absorbed, Bitcoin might form a bearish lower high pattern, signaling the exhaustion of the bull market, particularly around the $93,000 to $100,000 price range.
- Despite the selling pressure, demand for Bitcoin Exchange-Traded Funds (ETFs) remains robust, with cumulative inflows reaching an all-time high of $40.62 billion, indicating continued investor interest in BTC.
- Given Bitcoin's current struggle between buyers and sellers, priced at $94,816, the next move will be crucial in determining whether this price surge marks a temporary peak or the beginning of an even more remarkable rally.
- In the world of cryptocurrencies, one should always consult with a financial advisor before making high-risk investments in Bitcoin or other digital assets, as opinions expressed in publications like The Daily Hodl are not investment advice.
- In the 'Interesting Reads' section, it's mentioned that several indicators suggest a significant upswing for Bitcoin is imminent, and altcoins are making a resurgence after a protracted bear market, with three key factors driving this trend.
