Crypto analysts say Bitcoin’s nearly three-month rally may lose momentum as buying pressure eases, while more traders are starting to make profits.
“This is the first uptrend and the momentum has begun to disappear,” Bitfinex analysts said. explain In a market report on Monday.
Because Bitcoin (BTC) fell to the beginning of the year on April 9 to $73,273, soaring nearly 41% to $107,380 at the time of publication according to Used to share market cap data.
“Vertical Acceleration” is temporarily next to it
However, analysts warn that order flow data and OnChain metric signals indicate that Bitcoin may be entering a merger period or reaching a local top “rather than a sustained vertical acceleration.”
“Spot volumes have cooled down, acquisition pressures have weakened, profits have increased, especially in short-term holders that have lowered $80,000 in migration,” they added.
Analysts say ETFs must continue in a strong inflow of stripes
Analysts say Bitcoin’s next move will depend on macro factors and ongoing institutional demand, especially from ETF inflows.
Since June 9, the U.S.-based spot Bitcoin ETF has released inflows for 14 consecutive trading days, with net inflows of US$4.63 billion as of June 27. according to to Farside data.
Economist Timothy Peterson described last week’s $2.2 billion inflow as a “large” and expects a winning streak to continue this week. “The 70% chance next week will also be positive, which is usually associated with price pressure,” Peterson said. explain.
Meanwhile, Bitcoin traders will closely monitor the Fed’s July 30 interest rate decision, as lower cryptocurrency rates are usually optimistic. The market currently estimates that the Fed has a 19% chance of lowering interest rates at the meeting. according to Go to the CME FedWatch tool.
Despite short-term uncertainty, analysts say the broader market structure remains strong and the higher time frame support levels remain. “The current data points to the transition phase,” they said.
Bitcoin’s upward trend will continue when long-term holders stop selling
Some analysts remain bullish. Economist Donald Dean explain“Bitcoin is ready to merge tightly on the volume shelf to move higher.”
Related: Bitcoin price will be closed at $109K per week for a monthly closing of $109K
Charles Edwards, founder of Capriole Investments Company purchases assets.
“Despite the institutional FOMO, people wonder why Bitcoin is stuck for such a long time,” which is mainly due to Bitcoin OGS (Long-Term Holder) since the Bitcoin Exchange launched in January 2024, they have been “dumping on Wall Street” and “uninstalling their posts”.
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This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
