Bitcoin’s weekly chart has been on track to close below $ 90,000 in the first time since November 2024, but a late advance has pushed prices higher following US President Donald Trump announcement of a crypto strategic reserve.
Bitcoin weekly chart. Source: Cointelegraph/TradingView
Despite the Monthly Candle of February at $ 84,299, the BTC (BTC) The weekly close is formed by a Doji candle, which closes at $ 94,222. At prices resulting in $ 95,000 overhead resistance, an analyst remained careful about a repeating “XI pump.”
Will Trump-Pump follow the Xi-Pum Path?
In 2019, during a prolonged bearish trading period reaching from June to October, low sentiment in the Bitcoin market. However, on October 25, 2019, China’s president Xi Jinping’s announcement Supporting blockchain technology has triggered a significant price increase.
However, in the days later, China imposed a series of crackdowns on crypto assets and activities such as mining, leading to new lows within 30 days.
Cold Blooded Shiller, an unidentified crypto analyst, Drew The similarity between the ‘Xi-pump’ and the current Trump pump, suggesting that sentiment rallies often fizzle due to lack of strength, and the market is rapidly adjusting itself to the previous trend.
Bitcoin 2019 XI Pump vs 2025 Trump Pump Comparison. Source: Cointelegraph/TradingView
As described in the chart, the similarity between both periods adheres to similar retests of the previous support range. In the first case below $ 10,000 in 2019 and below $ 95,000 in 2025, and the asset was formed by new lows 30 days later. The analyst added that in 2019, entrepreneurs quickly identified the bomb as a “short squeeze and managed to get very good entries.”
Also, Magus, a crypto businessman, mentioned Those bulls are required to prove themselves this week and re -carry the amount of value high (VAH) to $ 103,000 and value value (VAL) at $ 91,000.
Bitcoin profile assessment of Magus’s volume. Source: x.com
VAH and VAL refers to a range in which most of the trading volume took place during a selected time in a chart, in this case, since November 2024. However, Magus remained careful with XI Pump, saying,
“It was a swing swing for me normally but if you’ve been around for a long time you remember the Xi Pump that my gut told me that this move was raised by emotion.”
Related: Trump’s crypto reserve plan is facing Congress vote, rally can limit
Bitcoin remains in distribution, not accumulation
Data from Glassnode suggested that despite the BTC rally, the basis of short-term holding ‘(STH) dropped below 1 after the first to move above $ 92,700. The current Bitcoin price is less than $ 92,700, indicating that STHs have remained in a “fragile position” with Breakeven’s profitability.
In addition, the data platform also said the Bitcoin accumulation mark remained under 0.5 for 58 consecutive days, undergoing a long net distribution period.
The mark of the accumulation of bitcoin accumulation. Source: x.com
A distribution period is defined as a stage of income earning investors, which is often consistent with market corrections. Glassnode added,
“Phases of accumulation and distribution replace within a 57-65 day window on average. At the latest read at 0.9, the rating mark indicates large entities is in a net distribution regime, with no confirmed transition to accumulation.”
Related: Largest CME Gap Ever to $ 85K: 5 Things to Know In Bitcoin this Sunday
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.
