The nearly three -month Bitcoin rally can lose the steam while buying pressure is weakening and more traders are starting to earn income, says crypto analysts.
“In the first time in that uptrend, the momentum began to fade,” Bitfinex Analysts Says In a market report on Monday.
Because the bitcoin (Btc) fell on the year-to-date low $ 73,273 on April 9, it climbed nearly 41% to $ 107,380 at the time of publication, According to In CoinMarketCap data.
‘Vertical acceleration’ sidelined for now
However, analysts warned that order flow data and onchain metrics that Bitcoin could enter a period of integration or reach a local top “instead of continuously vertically accelerating.”
“The volume of the spot is cooled, the pressure of the taker’s purchase is weakened, and the income is intensifying-especially the short-term holders that ride from the sub- $ 80,000 level,” they added.
Analysts said that ETFs should continue in the midst of strong flowing streams
Analysts said the next bitcoin transfer depends on the MacRO factors and the institutional demand, especially from the ETF flows.
The US Bitcoin ETF-based area posted flows for 14 consecutive trading days straight from June 9, worth $ 4.63 billion net flow until June 27, According to to the data away.
Economist Timothy Peterson described the $ 2.2 billion of last week as “massive” and is expected to continue the stripes this week. “70% chance next week will also be positive, which is generally linked to upward price pressure,” Peterson Says.
Meanwhile, Bitcoin entrepreneurs are careful to watch the July 30’s decision of the Federal Reserve interest rate, as the lower rates are usually bullish for crypto. The market is currently estimating a 19% chance that the Fed will lower the rates at that meeting, According to In the tool of the CME Fedwatch.
Despite the short -term uncertainty, analysts say the broader market structure remains strong, with higher time frame support levels still holding. “The current data points to a phase of transfer,” they said.
Bitcoin’s uptrend will continue when long -term holders have stopped selling
Some analysts remain bullish. Economist Donald Dean Says“Bitcoin is preparing to stir higher with a tight integration -with the shelf volume.”
Related: Bitcoin price will make history with $ 109k weekly, monthly close
Capriole Investments founder Charles Edwards recently argued that long-term pressure seller has escaped Bitcoin’s price growth despite recent transitions from institutions and Corporations to buy possession.
“People wonder why Bitcoin has been stuck at $ 100K for a long time, despite the institutional Fomo,” adding that it is mainly because of Bitcoin OGS-long-term holders-which “dumps on Wall Street” and “removing their positions” from the area with funds exchanged by the Bitcoin exchange launched on January 2024.
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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.
