Ever since Bitcoin hit a new all-time high above $104K, it has struggled to hold onto those gains. The cryptocurrency has repeatedly tested the $100K mark but continues to close below this critical level. This inconsistency has fueled uncertainty among investors, leading to increased selling pressure during early trading hours. A key indicator has now turned bearish, suggesting that Bitcoin’s climb toward higher targets could face delays.
Recent price trends show a weakening bullish momentum as buying volume decreases. Is this the beginning of the end for Bitcoin’s bull run? Are we entering the final phase of this cycle?
For the past few days, Bitcoin’s price has been moving sideways and failing to sustain itself above key levels. After breaking out, it’s now testing a resistance-turned-support zone. While a rebound is possible, it depends on Bitcoin holding above crucial support levels.
Adding to the challenges, trading volume has dropped significantly from over $150 billion to much lower levels, reducing market volatility. The Bollinger Bands are moving in parallel, indicating that Bitcoin’s price may remain stagnant for a while, especially as altcoins gain dominance. Meanwhile, the RSI has shown a bearish divergence, confirming a downward trend.
Short-term price patterns reveal further concerns: momentum is forming lower highs, while the price creates higher highs. Even if Bitcoin moves sideways or stays in the overbought zone, the risk of a local correction remains high. This could push the price below its current zone as selling pressure increases.
On a brighter note, on-chain data reveals that Bitcoin’s illiquid supply is rising. More Bitcoin is being held long-term, with fewer coins available on exchanges. If demand surges, this limited supply could drive prices higher. Exciting movements may still be ahead as we approach the year’s end, but the current lack of volatility could slow things down in the short term.
Follow us on X.com – x.com/TimetotimeC
This is no financial advice. Includes third party opinion.