Key Takeaways:
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Bitcoin is formed by a bearish engulfing candle, which indicates the potential short -term fatigue.
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The position index of the miners has risen to the highest level since November 2024, and the high record records of income.
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Despite the seller’s panic, more than 196,600 BTC has accumulated at $ 116,000- $ 118,000 ranges, adopting long-term businessmen.
Bitcoin (Btc) Printing the first known bearish signal in the sunny chart since early May, forming a bearish engulfing candle confirmed by a shooting pattern. It came after a 19% rally in the past 21 days, possibly signing fatigue.
Data from the cryptoquant has highlighted that the POSITION index (MPI) has risen above 2.78, its highest level since November 2024. MPI measures how much Bitcoin miners send to exchanges related to a year’s average. A high reading suggests an increasing possibility of sale. While it can add short -term pressure, the spike remains neat below the levels commonly visible near the top market.
Adding to this view of caution, realized the income and loss (P&L) from BTC deposits to centralized exchanges struck a full time of $ 9.29 billion, signing aggressive income. Crypto analyst crazzyblockk Explained That these metrics point to a high-risk zone where short-term volatility may intensify, even if the broader bullish rate remains intact.
Meanwhile, the trading platform noted that Hyblock capital is that Bitcoin’s open interest is “approaching frothy levels.”
“Historical when it happens (and) the fear and greed index are in the” extreme greed “territories -> We get local tops and correction. Bright red highlights are when the same conditions occur. History, they are playing in longer hours of time, so don’t rush into a trade right away.”
Related: The Bitcoin Digests US PPI Win with $ 120K Liquidity Grab on Bulls’ Radar
Is it time for Bitcoin holders to panic or patience?
Bitcoin’s recent sinking Nag -trigger A panic seller, with nearly 50,000 BTCs offloaded to a loss within 24 hours, according to Bitcoin researcher Axel Adler Jr. This sharp reaction emphasizes the investor’s anxiety following the BTC’s decline from the recent highs.
However, the data suggests The pullback was met by a stronger interest in buying. The basis of Bitcoin’s basic distribution shows that investors have accumulated more than 196,600 BTC, worth more than $ 23 billion, between $ 116,000 and $ 118,000. Thus, despite the signs of sale driven by fear, the huge dip-buying of underscores continues to be confident in the market and convincing the longer Bitcoin trajectory.
From a technical point of view, Bitcoin remains stable within the bullish long -term structure as long as it combines above the $ 112,000 level. Following a 19% rally, a period of movement of sideways or a minor pullback was a healthy reset, allowing the market to cool, to quit excessive action, and shake the weak hands.
While the recent bearish collapse pattern may signal short-term fatigue or a potential return, it is not yet valid for greater climbing. As long as the basic support levels hold around $ 112,000, the BTC’s possibility of continuing the upward momentum remains high.
Related: Bitcoin ‘Not to Play yet’: Watch BTC price levels next
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
