Key points:
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Bitcoin works below his recent historical maximums, roasting the support to the levels he first found at the end of 2024.
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A “deepest setback” can make bulls find the impulse to return to price discovery.
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The profits is in the heart of the current resistance, says the analysis.
Bitcoin (BTC) runs the risk of a “deeper correction” since the next phase of its upward market faces a temporary setback.
Bitcoin’s profits cause pauses for the bull
The analysis warns about the prices of less than $ 100,000 as Cointelegraph Markets Pro and TradingView data show that BTC/USD decreases by 8%.
Bitcoin returned below his old maximums of all time on May 31, since the last correction is approaching $ 9000 below his last record peak.
After the bulls found resistance from multiple sources, the indicators of the chain soon assumed that they forecast a slowdown in the bullish impulse.
In its latest research report sent to Cointelegraph, the Ochain Analysis Platform Cryptoquant saw that “some of Bitcoin’s demand metrics may be reaching a higher part of the short term, which could imply a pause in the current rally.”
“Cryptoquant estimate of the growth of Bitcoin’s demand in the last 30 days is in 229K, which is close to the growth of the previous demand of 279k bitcoin reached in December 2024, “their authors wrote.
“In addition, Bitcoin’s balances of whales have increased by 2.8% during the past month, a rhythm that often precedes a deceleration in the accumulation of whales.
Cryptoquant added that unrealized profits were, on average, around 30% to $ 111000, also hinting at an imminent pause.
BTC Price “Deep Recocement” expected
As such, the market participants, while they remain optimistic when they return to the discovery of prices, the lowest levels that come first are still seen.
Related: How low can the price of Bitcoin go?
“In the daily table, BTC has broken below the previous maximum of all time and faces rejection at that same level,” wrote the popular Mags merchant in part of his latest analysis X.
“This might seem the beginning of a deeper correction.”
Mags focused on the next weekly candle closing as a key test of the strength of the Bulls, with the price that still capable of recovering the old record of $ 104,450 since December 2024 on weekly deadlines.
“If BTC closes below the horizontal support and resistance line in the weekly, we could see a deeper setback possible forming an inverse head and shoulders before the next advantage,” he concluded.
The merchant and analyst Aksel Kibar agreed that the return of the upward market “could be delayed.”
“Intact bullish interpretation whenever the price remains above 73.7k,” he told X followers on the monthly table BTC/USD.
Kibar retained his mid -period goal or $ 137,000, one at stake through 2025.
Cryptoquant Meanwhile, the price stops SOOONER, with $ 120,000 on the radar as a key earning station.
This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.
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